Oil climbs over $67 as strong demand in US & China counters concerns over surging Covid cases in India

Global crude prices

Global crude prices advanced as optimism over heavy demand by the world’s major consumers, China and the US, offset falling demand in India, which is currently battling the second wave of the Covid-19 pandemic.

Brent crude futures for July delivery rose 1.20% to $67.56 a barrel at 14:36 GMT, while West Texas Intermediate crude futures for June delivery were up 1.15%, trading at $64.31. Oil prices also pushed higher after Brussels announced plans for easing the existing travel restrictions for vaccinated tourists over the upcoming summer season.

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