New York—Crude futures settled higher June 10 amid cautiously improved demand outlooks, but lingering oversupply concerns capped the price rally. NYMEX July WTI settled 66 cents higher at $39.60/b and ICE August Brent was up 55 cents on the day at $41.73/b. The US Federal Reserve said June 10 it would hold its target interest rate unchanged at zero and continue its bond purchase program to support the economic recovery in the wake of the COVID- 19 pandemic. The pledge of continued economic stimulus was bullish for demand outlooks, and sent crude higher in afternoon trading. But the Fed also cautioned that US GDP is likely to shrink 6.5% in 2020, and then climb 5% in 2021 and 3.5% in 2022.
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