- Oil recovered some of the ground lost on Monday, when it fell more than 4%.
- The rise in the dollar limited the advance of the WTI, which stopped at the $ 60 area.
The Oil is regaining ground on Tuesday, after suffering a drop of more than 4% on the first day of the week. The WTI barrel fell as low as $ 57.60 on Monday and recently climbed to $ 60.29 before returning below $ 60.00.
The economic data positives from the US on Monday failed to curb the price of crude. On Tuesday, further easing in the UK from coronavirus restrictions, coupled with Eurozone data, appears to have contributed to the crude rebound. The advance of the dollar on Tuesday could contain the rise in the WTI.
The Organization of the Petroleum Exporting Countries and its allies It agreed last Thursday to reverse its production cuts between May and July amid signs of a strong US economic rebound. The announcement coincided with the increase in Iranian production and sparked some aggressive selling around the raw material on the first day of a new trading week.
Meanwhile, reports that the European Union could hit its vaccination target much earlier than projected raised optimism and sustained support. Bloomberg, citing an internal memorandum from EU member states, reported that Germany, France, Italy and Spain will have enough supplies to vaccinate at least 57% of their population by the end of June.
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