UPDATE 9-Oil mixed on improving economic data, uptick in virus cases

* Global coronavirus cases exceed 10 million
* Positive economic data from China and Europe supports
* Brent set to end June with a third monthly gain in a row
* OPEC cut oil output by 1.25 mbpd in June -Petro-Logistics

(Updates prices)
By Bozorgmehr Sharafedin
LONDON, June 29 (Reuters) - Oil prices were mixed on Monday,
supported by improving economic data and supply cuts by major
producers, but held in check by sharp spikes in new coronavirus
infections around the world that have forced some countries to
re-impose partial lockdowns.
Brent crude LCOc1 fell 2 cents, or 0.1%, to $41.00 a
barrel by 1341 GMT, and U.S. crude CLc1 was up 12 cents, or
0.3%, at $38.61.
Crude prices found some support as profits at China's
industrial firms rose for the first time in six months in May,
suggesting the country's economic recovery is gaining traction.
The recovery of economic sentiment in the euro zone also
intensified in June after a modest pick-up in May, with
improvements across all sectors and a much more buoyant sense of
future business, European Commission data showed. However, fears of a second wave of the pandemic took the
shine off the improving economic data. The death toll from
COVID-19 surpassed half a million people on Sunday, according to
a Reuters tally. "Looking ahead, anxiety is likely to remain heightened as
the epic fight against the coronavirus pandemic continues. This
spells bad news for risk assets (such as oil) which will
inevitably remain under pressure," said Stephen Brennock of
broker PVM.
In the United States, California ordered bars to close on
Sunday following similar moves in Texas and Florida after a jump
in cases. Washington state and the city of San Francisco have
paused their reopening plans. "Whilst these localised measures on their own are unlikely
to see any major immediate impact on demand, they do highlight
the significant risk to gasoline demand," JBC Energy said.
Oil also found some support from the dollar's weakness. Oil
prices tend to move inversely to the U.S. currency.
Brent is set to end June with a third consecutive monthly
gain after the Organization of the Petroleum Exporting Countries
and allies, known as OPEC+, extended an unprecedented 9.7
million barrels per day (bpd) supply cut agreement into July.
OPEC has cut oil output in June by 1.25 million bpd from May
levels, according to estimates from tanker-tracking company
Petro-Logistics. Iraq's oil exports have fallen by almost 9% or 310,000 bpd
in June, loading data and industry sources showed, suggesting
OPEC's second-largest producer has delivered about three-fifths
of its pledge under the deal. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global Short-Term Crude Floating Storage https://tmsnrt.rs/3i71tSy
World's top producers slash output https://tmsnrt.rs/3g56mcX
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