Oil moves mixed on easing lockdowns, looming storage shortage [Reuters]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: Reuters
Oil moves mixed on easing lockdowns, looming storage shortage LONDON (Reuters) - Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand. Brent crude LCOc1 rose 41 cents, or 2%, to $20.40 a barrel at 1006 GMT, following a 6.8% slide on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 was down 78 cents, or 6%, at $12.00 a barrel. The contract plunged 25% on Monday. “While wild price swings are set to last in the very near term, we see more upside than downside from prices around $20 per barrel. The oil price should recover in the longer term,” said Norbert Rücker, analyst at Swiss bank Julius Baer. From Italy to New Zealand, governments announced the easing of restrictions, although Britain said its too dangerous to relax a lockdown for fear of a deadly second outbreak. More parts of the Un
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