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Oil reverses losses as European Union looks to open borders
Oil futures ticked up as optimism over easing travel restrictions and the global economic recovery offset falling demand in India, the world’s third-biggest importer. Brent crude reversed losses in Asian trading and rose 0.2 per cent to around US$66.90 a barrel. A European Union plan to ease restrictions for vaccinated travelers over the Summer holiday season boosted sentiment. Oil has rallied 30 per cent in 2021 as the rollout of COVID-19 vaccines allows some major economies to reopen. That’s enabled the Organization of Petroleum Exporting Countries and its allies to start easing the supply curbs they imposed ... (full story)