Tighter oil supplies plus U.S. stimulus efforts send Brent above $40

Brent crude rose above $40 a barrel as broader markets rallied on stimulus from the Federal Reserve and physical supplies continued to look tight.

Futures in London rose for a second session. India’s oil minister said consumption in the first half of June had recovered to levels about 15% to 20% below a year ago, the latest sign of a recovery in global consumption. It came as the International Energy Agency warned in its monthly report that fuel use will remain 2.5% lower next year than in 2019, mostly because of a slow rebound in jet fuel consumption.

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