Oil in London was anchored near $43 a barrel as investors weighed tightening crude supplies and robust U.S. economic data against surging coronavirus infections.

Libya™s oil exports are expected to slide this month as forces opposed to the government continue to block shipments, adding to coordinated OPEC+ cuts, while data last week showed the American labor market rebounded in June. However, a surge in U.S. virus cases has pushed global infections above 11.3 million, prompting concerns the recovery may be derailed.

While Brent oil has doubled since April as OPEC+ reduced output to tackle a glut, surging infections across the globe has increased fears of a prolonged hit to demand and kept a lid on further gains. OPEC and its allies are yet to decideon whether to extend their full production cutbacks after July, Russian Energy Minister Alexander Novak said last week.

Brent for September settlement rose 0.2% to $42.90 a barrel on the ICE Futures Europe exchange as of 9:13 a.m. Singapore time after gaining 4.3% last week. West Texas Intermediate for August delivery fell 33 cents from Thursday™s close to $40.32 on the New York Mercantile Exchange. There was no settlement Friday due to the Independence Day holiday in the U.S.