Oil rose to $67 a barrel on Monday as optimism over a strong demand rebound in countries including the United States and China countered concern about a surge in India’s coronavirus cases and higher OPEC+ oil supply.
India on Monday reported more than 300,000 new coronavirus cases for a 12th straight day. The new wave of the virus has already led to a drop in fuel sales in the world’s third-largest consumer in April.
Brent crude rose 29 cents, or 0.4%, to $67.05 a barrel by 1335 GMT. U.S. West Texas Intermediate added 28 cents, or 0.4%, to $63.86.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.