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Market Update: Crude Oil Gains Slightly
Crude oil prices gained slightly in early APAC trade Monday, following heavy losses in the previous week, as sentiment was supported by weather-driven supply concerns as a storm formed in the Gulf of Mexico. On top of that, investors were upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US set to allow more people to travel. However, such optimism was not enough to offset worries about rising coronavirus cases in Asia and signs of progress in the US-Iran nuclear talks, which could bring more oil into an already oversupplied market. As a result, both benchmarks ended the week nearly 3% lower. [/s2If]
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