12.04.202109:30:00UTC+00Oil Inches Higher In Range-bound Trade

Oil prices were moving higher in range-bound trade on Monday amid continued optimism about economic growth.

Brent crude for June settlement rose 19 cents, or 0.3 percent, to $63.14 a barrel, while West Texas Intermediate (WTI) U.S. crude futures were up 6 cents, or 0.1 percent, at $59.40 per barrel.

Sentiment was underpinned by economic recovery hopes as growth rebounds with the help of exceptional government spending and central bank stimulus.

Fed Chair Jerome Powell told CBS in an interview that the U.S. economy is poised for an extended period of strong growth and hiring even though the coronavirus still poses some risk.

Over the weekend, China's top disease control official has said that the effectiveness of Chinese coronavirus vaccines was low and authorities are considering options to bolster protection.

India has recorded a massive surge of 168,912 Covid-19 cases in the last 24 hours, breaking all records.

Tokyo began today a month-long period of quasi-emergency measures to blunt a fourth wave of contagion.

Closer home, protests against Covid-19 restrictions were held in multiple European capitals on Saturday.