Oil edges up on tighter supply, but demand worries limit gains

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22 June 2020

Oil prices nudged higher on Monday on tighter supplies from major producers, but a record rise in global coronavirus cases raised concerns a recovery in fuel demand could stall, checking gains, APA reports quoting Reuters.

Brent crude LCOc1 rose 8 cents, or 0.2%, to $42.22 a barrel by 0249 GMT, while U.S. crude CLc1 was at $39.93 a barrel, up 10 cents, or 0.3%. 

Both contracts rose about 9% last week and Brent crude futures have flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply. LCOc1-LCOc2

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