Crude oil prices moved higher on Monday despite concerns about outlook for energy demand amid reports showing spikes in coronoavirus cases in several parts of Asia and Europe.

Progress in vaccination rollout and reports about an attack on Saudi Arabian oil facilities helped lift oil prices.

Traders also reacted to Fed Chair Jerome Powell’s comments in an interview with CBS on Sunday that the U.S. economy is poised for an extended period of strong growth and hiring even though the coronavirus still poses some risk.

West Texas Intermediate Crude oil futures for May ended up $0.38 or about 0.6% at $59.70 an ounce.

Over the weekend, China’s top disease control official has said that the effectiveness of Chinese coronavirus vaccines was low and authorities are considering options to bolster protection.

Meanwhile, coronavirus cases rose more than 168,000 in 24 hours, breaking all records. Japan has reported a surge in new cases, and China said its vaccines lag behind other including Pfizer and Moderna in terms of efficiency. The country’s top disease control official said on Sunday that the country is formally considering mixing Covid-19 vaccines, in order to boost vaccine efficacy.

The material has been provided by InstaForex Company – www.instaforex.com

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