Oil Jumps Despite Demand Concerns

Brent crude rose during the Asian session and at the beginning of the European session on reliable economic data despite the increasing of Corona cases and its impact on oil demand.

Brent crude futures rose to $ 43.42, or 1.43%, as US oil inventories fell more than expected last week, and Corona cases worldwide reached more than 11 million.

Oil remained in the range of $ 40 a barrel with concerns about falling demand despite measures to reduce production from OPEC and producers will meet to decide whether the cuts will continue until August; after extending in July to be 9.7M instead of 7.7M