Oil prices up on positive economic data, but Covid-19 pandemic fears weigh

A survey showing manufacturing activity across the euro zone expanded last month for the first time since early 2019 and positive manufacturing data in Asia also boosted oil

New York oil prices rose about 2% on Monday on positive economic data from Europe, Asia and the United States, but rising Covid-19 cases globally and oversupply worries fuelled by the prospect of OPEC and its allies easing output cuts limited gains.

Brent crude rose 66 cents, or 1.5%, to $44.18 a barrel by 11:32 a.m. EDT (1532 GMT) while U.S. West Texas Intermediate (WTI) crude gained 81 cents, or 2%, to $41.08.

U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new Covid-19 infections, a survey from the Institute