Oil Edges Lower With Rally Cooling After Bouncing Off 2018 High

Oil edged lower in early Asian trading after a rally that saw it hit $ 70 a barrel for the first time since October 2018 faltered.

Futures in New York traded near $ 69 a barrel after closing 0.6% lower on Monday. While prices have eased, there’s confidence in the demand outlook as vaccination rates accelerate and mobility expands in key regions. BP Plc sees a strong recovery, and traffic in a number of European cities was as busy as in 2019 for the first time since the pandemic.

Crude’s advance from the worst of the virus has stalled a handful of times this year, but prices have managed to …