Oil reverses steep loss to gain nearly 3% despite rising Covid-19 cases
Oil prices gained more than 2% Monday, shaking off earlier losses, as the United States heads into a contentious U.S. presidential election.
The oil market has been under pressure in recent days, hit by concerns about weaker fuel demand as several European countries went into lockdown to curb the coronavirus. New infections spiked in the United States as well.
Brent crude rose $1.14, or 3%, to trade at $39.08 per barrel.
West Texas Intermediate settled $1.02, or 2.8%, higher at $36.81 per barrel.
Both contracts fell more than $2 earlier in the session.
Oil pared some losses after Japan’s export orders grew for the first time in two years and China’s factory activity rose to its highest in nearly a decade in October. Further, U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years.
Reference: CNBC
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