Oil Books Another Monthly Gain Despite Demand Concerns

Oil prices were on track to wrap up another month of gains early on Friday, although concerns about the pace of oil demand recovery have capped daily gains in July. As of 9:43 a.m. EDT on Friday, WTI Crude was up 1.18 percent at $40.38, and Brent Crude was up 0.75 percent on the day, at $43.26. Oil recovered some of the losses from Thursday, when prices sank after U.S. data showed that the real gross domestic product (GDP) of the world’s largest economy crashed by 32.9 percent annually in the second quarter of 2020, due to the coronavirus-related…