UPDATE 9-Oil steady as hopeful economic data face spike in virus cases

* U.S. tops 130,000 deaths after record surge in COVID-19
cases
* Economic data spurred bets on economic recovery
* Saudi Arabia raises August crude prices to Asia

(Updates prices and market activity to settlement, adds analyst
comments)
By Laila Kearney
NEW YORK, July 6 (Reuters) - Oil futures ended largely
steady on Monday as positive economic data supported prices,
while a spike in coronavirus cases in the United States that
could curb fuel demand pressured prices.
Brent crude LCOc1 settled at $43.10 a barrel, up 30 cents.
U.S. West Texas Intermediate (WTI) crude CLc1 settled at
$40.63 a barrel, down 2 cents.
"The competing forces in the oil market right now are the
reopening of economies around the world, increasing oil demand,
countered by concerns about economies closing around the world
due to a resurgence in the number of virus cases," Andy Lipow,
president of consultants Lipow Oil Associates.
In the first five days of July, 16 states reported record
increases in new cases of COVID-19, which has infected nearly 3
million Americans and killed more than 130,000, according to a
Reuters tally. U.S. services industry activity rebounded sharply in June,
almost returning to its pre-COVID-19 pandemic levels
while China's economy was recovering and its
capital markets attracting money, setting the scene for a
healthy bull market, the official China Securities Journal said
in an editorial. German data, however, showed that the recovery from COVID-19
will be slow and painful. Germany's industrial orders rebounded
moderately in May and a fifth of firms in Europe's biggest
economy said in a survey published on Monday they feared
insolvency. The implied volatility for Brent crude LCOATMIV has
dropped to its lowest since prices started collapsing in March
as markets remain focused on tightening supplies.
Production by the Organization of the Petroleum Exporting
Countries (OPEC) has fallen to its lowest in decades.
OPEC and other producers including Russia, collectively
known as OPEC+, have agreed to lower output by a record 9.7
million barrels per day (bpd) for a third month in July.
Saudi Arabia's state oil producer Aramco has increased
official selling prices (OSPs) for its crude to Asia by $1 a
barrel in August, and raised the OSPs for almost all grades to
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World demand and supply for oil https://tmsnrt.rs/3icQFCm
World's top producers slash output https://tmsnrt.rs/3g56mcX
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