REUTERS

Oil was little changed on Monday amid hopes that fuel demand is picking up in the U.S. as the summer driving season approaches and COVID-19 vaccinations there accelerate, although rising case numbers in other countries are keeping a lid on prices.

Brent was up 2 cents at $62.97 a barrel by 0510 GMT, having risen to as high as $63.30. U.S. crude gained 1 cent to $59.49 a barrel, after rising as much as 46 cents earlier, as reported by Reuters.

Read alsoEnergy Ministry to stimulate biofuel energy generation through zero tax ratePrices have changed little since a period of volatile trading ended last Monday.

While the United States has fully vaccinated more than 70 million people, and in Europe new infection numbers are falling as lockdowns take effect, India is reporting record new cases and other parts of Asia are seeing caseloads rise.

That is likely to continue to keep a lid on any revival of global travel and keep prices rangebound as the summer approaches, analysts and traders said.

More news reports