Oil steadies on demand recovery expectation despite European lockdowns

Oil steadies on demand recovery expectation despite European lockdowns
  • Clock-gray 08:32
  • calendar-gray 23 March 2021

Oil prices steadied on Monday after a broad sell-off last week, as new European coronavirus lockdowns dimmed expectations of a quick economic recovery, but market players were broadly confident of a demand rebound later in the year, APA reports quoting Reuters.

Brent crude was up 17 cents or 0.3% at $64.70 a barrel by 1433 GMT and U.S. oil was up 27 cents, or 0.4%, at $61.69.

Both contracts fell more than 6% last week after making steady gains for months on the back of output cuts and an expected demand recovery.

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