NEW YORK (Bloomberg) - Oil reversed losses as investors shifted focus from a potential resurgence of Covid-19 outbreaks and toward supply-and-demand fundamentals.
Crude futures in New York rose about 1% on Monday after earlier falling as much as 5.2%. The recovery came as equity markets pared losses. Iraq cut term oil sales to multiple Asian and European refiners, according to people familiar with the matter.
“Even as the global markets are in the grips of a resurgence of risk aversion tied to new Covid outbreaks in China and the U.S., oil fundamentals are still moving in the right direction,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas.
https://www.worldoil.com//news/2020/6/15/oil-prices-climb-as-fears-build-of-a-coming-supply-squeeze
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