Oil drops over 2% on China lockdowns, U.S. stimulus concerns | Reuters
Oil prices fell more than 2% on Friday, with both contracts posting a loss on the week as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer.
Brent fell $1.32, or 2.3%, to settle at $55.10 a barrel. U.S. West Texas Intermediate crude settled down $1.21, or 2.3%, at $52.36 a barrel.
Both benchmarks, which hit their highest in nearly a year earlier in the week, posted their first weekly declines in three weeks, with Brent down 1.6% on the week and U.S. crude down about 0.4%.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdowns, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
Friday, 15 January 2021
Oil slips as China lockdown, U.S. unemployment data temper gains | Reuters
Oil slips as China lockdown, U.S. unemployment data temper gains | Reuters
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronaries outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.
Brent was down 86 cents, or 1.5%, at $55.56 by 1227 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was down 58 cents, or 1.1%, at $52.99 a barrel, having risen more than 1% the previous session.
Brent is heading for the first weekly decline in three weeks, while U.S. crude is on track for a third weekly gain.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdown, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronaries outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.
Brent was down 86 cents, or 1.5%, at $55.56 by 1227 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was down 58 cents, or 1.1%, at $52.99 a barrel, having risen more than 1% the previous session.
Brent is heading for the first weekly decline in three weeks, while U.S. crude is on track for a third weekly gain.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdown, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
Oil drops as Chinese lockdowns, U.S. unemployment data drains rally | Reuters
Oil drops as Chinese lockdowns, U.S. unemployment data drains rally | Reuters
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.
Brent was down 71 cents, or 1.2%, at $55.71 by 0758 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was 46 cents, or 0.9%, lower at $53.11 a barrel, having risen more than 1% the previous session.
Brent is heading for the first weekly decline in three weeks, while U.S. crude is on track for a third weekly gain.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdowns, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.
Brent was down 71 cents, or 1.2%, at $55.71 by 0758 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was 46 cents, or 0.9%, lower at $53.11 a barrel, having risen more than 1% the previous session.
Brent is heading for the first weekly decline in three weeks, while U.S. crude is on track for a third weekly gain.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdowns, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
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