Crude oil futures ended higher on Monday, rebounding from early weakness, as prices moved higher amid expectations of a drop in global crude supply.

However, concerns about outlook for energy demand amid rising coronavirus cases in several countries.

West Texas Intermediate Crude oil futures for May ended higher by $0.25 or about 0.4% at $63.38 a barrel.

According to reports, Libya has halted output at some of its oil fields. A report from Reuters said National Oil Corp. has declared force majeure on exports from the port of Hariga.

A weak dollar also contributed to oil’s uptick. The dollar index dropped to 91.03, losing about 0.6%.

In coronavirus news, a report from Johns Hopkins University says the overall global Covid-19 caseload has topped 141.1 million.

The U.S. is the worst-hit country with the world’s highest number of cases, and India follows in the second place. Hong Kong said on Sunday that it will suspend flights from India, Pakistan and the Philippines from Tuesday due to imported coronavirus infections.

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

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.