Oil gains on strong China data, rally capped by vaccine concerns

Analysts express concern that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth.

Oil prices settled higher Tuesday on strong Chinese import data, but the rally was capped by concerns that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth. Global benchmark Brent crude oil futures settled up 39 cents, or 0.6 percent, at $63.67 a barrel, while United States West Texas Intermediate crude oil futures gained 48 cents, or 0.8 percent, to $60.18 a barrel. Both contracts have recorded changes of less than 1 percent for five straight sessions. “We’ve been trading in a range, and need clear demand data and direction on US inventories to break out of this trough,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.