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Oil Prices Gain Amid Reopening of Economies

Oil prices rebounded on Monday, with WTI crude breaking above the $62 a barrel level buoyed by signs of a recovery in fuel consumption amid a gradual reopening of some economies as vaccination drives gather pace.

Markets were already basking in the glow of a slow returning of US production after last month’s deep freeze in Texas.

Focus later this week will be on OPEC’s meeting. The oil cartel is considering whether to ease the supply cut by 500,000 barrels per day in the light of a recent pick up in global demand.

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