LONDON: Oil prices edged higher in rangebound trade on Monday on optimism about a rebound in the U.S. economy as vaccinations accelerate, but rising COVID-19 cases in other parts of the world kept a lid on prices.Brent was up 22 cents, or 0.4%, at $63.17 a barrel by 0843 GMT.
West Texas Intermediate (WTI) U.S. crude rose 12 cents, or 0.2%, to $59.44 a barrel.The prices have remained rangebound in the last three weeks, with Brent between $60 and $65 per barrel and WTI at $57 to $62."Oil prices are entering a consolidation phase after swinging wildly last month," Stephen Brennock of oil broker PVM."While there are still plenty of reasons to be bullish, market players have become more cautious as infections have surged in Europe, India and.