Oil mixed in tight range, coronavirus restrictions weigh on sentiment

Oil prices were mixed, stuck in a tight range on Monday after the recovery of Colonial Pipeline’s operations eased worries over supply. However, new restrictions in Asia amid rising COVID-19 cases weighed on sentiment.

Brent crude oil futures gained 3 cents to $68.74 per barrel, while U.S. West Texas Intermediate crude rose 0.1%, or 8 cents, at $65.45 per barrel.

Both benchmarks surged almost 2.5% on Friday and held onto a small gain from last week, marking a third weekly climb. 

Meanwhile, downbeat Chinese retail data added to pressure on oil prices, with retail sales up 17.7% year-on-year in April, lower than analysts’ forecast for a 24.8% surge. 

Chinese crude oil throughput climbed by 7.5% year-on-year in April, but stayed off the peak hit in the last quarter of 2020.

U.S. energy firms increased oil and natural gas rigs for a third consecutive week as higher crude prices urged drillers to return to the wellpad.