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Oil rebounds with equities offsetting the return of Opec+ supply

The market is looking for its next clear signal, with a slew of mixed data pressuring it on either side

oil, prices, crude
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A persistent supply overhang coupled with a souring demand outlook because of the Covid-19 pandemic has kept US crude futures locked in a tight trading range near $40 a barrel since late June

Bloomberg
Oil erased losses as strong equities offset the return of Opec+ supply to a market already hit by a pandemic-driven demand slump.

Equity indices in the US, Europe and Asia ticked higher, with the S&P 500 Index rising for a third straight session amid speculation that lawmakers would move forward on a stimulus bill. Still, rising Opec crude output is keeping a lid on the rally.

The market is looking for its next clear signal, with a slew of mixed data pressuring it on either side. In Europe, airline EasyJet said it would add additional flights after better-than-expected demand for travel over