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6/29, 12:58 PM (Source: TeleTrader)
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Oil recovers some earlier losses

Oil prices strengthened on Monday, recovering some of its losses from earlier in the session as the focus remains on the coronavirus pandemic.

Heightened fears over the virus have increased pressure on crude prices in recent days. However, as OPEC+ countries continue to increase compliance with the agreed production cuts, prices are expected to pick up.

Brent for August settlements was up 0.12% to $41.07 per barrel at 6:48 am ET. At the same time, West Texas Intermediate gained 0.44% to $38.66 a barrel.

Breaking the News / JC