LONDON (Reuters) - Oil prices held firm on Monday, trading in a tight range as European economic reopenings offset gloom from surging coronavirus cases in Asia, fresh restrictions and underwhelming Chinese manufacturing data.
Brent crude rose 14 cents, or 0.2%, to $68.85 a barrel at 1341 GMT, and West Texas Intermediate (WTI) U.S. crude was up 22 cents, or 0.3%, at $65.59.
“The fact that prices remained relatively stable ... indicates that the confidence in a healthy oil market remains intact and unless something unpredictably negative occurs, any downside potential will be limited,” PVM Oil analyst Tamas Varga said.
The British economy reopened on Monday, giving 65 million people a measure of freedom after a four-month COVID-19 lockdown.