Still, crude prices have remained rangebound in the past three weeks, as growing expectations of surging economic activity in the U.S. and China are balanced by the slow rate of vaccinations in Europe and anticipation of additional supply of oil from Iran in the coming months.
Brent crude oil futures was up 9 cents, or 0.1%, at $63.37 a barrel by 0055 GMT while U.S. crude oil futures gained 11 cents, or 0.2%, to $59.81 a barrel.
U.S. crude oil stockpiles were expected to have dropped last week for a third straight week, while distillate and gasoline inventories likely grew, a preliminary Reuters poll showed on Monday.
Supporting prices, Yemen’s Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah.
Reference: CNBC
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