Your daily roundup of commodity news and ING views
Optimism around the re-opening of economies in Europe, along with the US has proved constructive for the oil market. ICE Brent yesterday traded as high as US$69.50/bbl at one stage, settling just short of 2% higher on the day. Clearly, the market is focusing more on re-openings, rather than the latest Covid-19 wave from the world’s third-largest oil consumer, India. Part of the reason for this is the fact that the Indian government appears reluctant to impose a national lockdown, despite calls for one. However, if we were to eventually see a national lockdown imposed, this would likely hit sentiment.