Oil edges higher as recovery support countered by Asia virus surge | Reuters
Oil settled higher on Friday, supported by bullish economic data from U.S. and Europe, though a rise in coronavirus cases in India was still pressuring prices.
Brent crude settled up 43 cents, 0.7%, to $65.83 a barrel. U.S. West Texas Intermediate (WTI) U.S. crude gained 63 cents, or 1.1%, to $66.11 a barrel.
For the week, both benchmark crudes fell about 1% due to the resurgence of infections in India and Japan, the world's third and fourth largest oil importers.
"This price consolidation follows a strong four-month price advance that was largely predicated on U.S. vaccine progress that forced some upward revisions in global demand ideas across this year," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Friday 23 April 2021
Oil Set for Weekly Loss With Market Facing Patchy Demand Rebound - Bloomberg
Oil Set for Weekly Loss With Market Facing Patchy Demand Rebound - Bloomberg
Futures in New York pared gains on Friday after briefly surging as much as 1.6% in a choppy trading session. U.S. benchmark crude is headed for a roughly 2% weekly decline, as progress toward a global economic reopening comes in fits and starts.
While the outlook is firming up in the U.S. and the latest manufacturing figures out of Europe have stoked optimism, India has been setting record numbers of daily coronavirus cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations.
- WTI for June delivery rose 47 cents to $61.90 a barrel as of 12:34 p.m. in New York
- Brent for the same month gained 49 cents to $65.89 a barrel
Futures in New York pared gains on Friday after briefly surging as much as 1.6% in a choppy trading session. U.S. benchmark crude is headed for a roughly 2% weekly decline, as progress toward a global economic reopening comes in fits and starts.
While the outlook is firming up in the U.S. and the latest manufacturing figures out of Europe have stoked optimism, India has been setting record numbers of daily coronavirus cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations.
Oil Holds Near $61 With Markets Weighing Mixed Demand Signals - Bloomberg
Oil Holds Near $61 With Markets Weighing Mixed Demand Signals - Bloomberg
The market has been torn between divergent demand indicators this month, pushing West Texas Intermediate into weekly swings between gains and losses. Latest data showed robust manufacturing figures in Europe, though India continues to set a record number of daily cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations.
Oil is more than 25% higher this year, aided by the rollout of Covid-19 vaccines and vigilant supply management from the Organization of Petroleum Exporting Countries and its allies. But the bulk of crude’s advance came in the first two months of the year, and prices have struggled since. OPEC+ is set to start easing deep supply curbs from May, and the group is expected to hold a full ministerial meeting next week to assess the global state of play.
“Oil prices have been fairly steady this week given the circumstances with a lot of factors pulling in different directions,” said Jens Pedersen, a senior analyst at Danske Bank. Prices have been pulled between U.S. supply, a weaker dollar and the potential lifting of sanctions in Iran, he said.
- WTI for June delivery fell 0.2% to $61.28 a barrel as of 8:54 a.m. in New York
- Brent for the same month declined 0.3% to $65.18
The market has been torn between divergent demand indicators this month, pushing West Texas Intermediate into weekly swings between gains and losses. Latest data showed robust manufacturing figures in Europe, though India continues to set a record number of daily cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations.
Oil is more than 25% higher this year, aided by the rollout of Covid-19 vaccines and vigilant supply management from the Organization of Petroleum Exporting Countries and its allies. But the bulk of crude’s advance came in the first two months of the year, and prices have struggled since. OPEC+ is set to start easing deep supply curbs from May, and the group is expected to hold a full ministerial meeting next week to assess the global state of play.
“Oil prices have been fairly steady this week given the circumstances with a lot of factors pulling in different directions,” said Jens Pedersen, a senior analyst at Danske Bank. Prices have been pulled between U.S. supply, a weaker dollar and the potential lifting of sanctions in Iran, he said.
Oil steady as rising India COVID-19 cases weigh | Reuters
Oil steady as rising India COVID-19 cases weigh | Reuters
Oil prices were broadly steady on Friday with support from a European economic recovery countered by concerns as coronavirus infections in India surged to record levels.
Brent crude dipped 4 cents, or 0.1%, to $65.36 a barrel at 1220 GMT, while U.S. West Texas Intermediate (WTI) U.S. crude gained 7 cents, or 0.1%, to $61.50 a barrel.
Euro zone Purchasing Managers' Index (PMI) data for April showed a stronger than expected recovery and more European states began easing coronavirus lockdowns. France said schools would reopen on Monday.
"Stronger PMIs across Europe, a weaker U.S. dollar, and some European countries planning to ease some of their restrictions are slightly supporting oil prices," UBS oil analyst Giovanni Staunovo said.
Oil prices were broadly steady on Friday with support from a European economic recovery countered by concerns as coronavirus infections in India surged to record levels.
Brent crude dipped 4 cents, or 0.1%, to $65.36 a barrel at 1220 GMT, while U.S. West Texas Intermediate (WTI) U.S. crude gained 7 cents, or 0.1%, to $61.50 a barrel.
Euro zone Purchasing Managers' Index (PMI) data for April showed a stronger than expected recovery and more European states began easing coronavirus lockdowns. France said schools would reopen on Monday.
"Stronger PMIs across Europe, a weaker U.S. dollar, and some European countries planning to ease some of their restrictions are slightly supporting oil prices," UBS oil analyst Giovanni Staunovo said.
Oil climbs on hopes for demand recovery, India's virus surge caps gains | Reuters
Oil climbs on hopes for demand recovery, India's virus surge caps gains | Reuters
Oil prices climbed on Friday, buoyed by hopes demand will recover as economic growth picks up and lockdowns ease, but worries about India's surging second wave of COVID-19 cases limited gains.
Brent crude futures rose 42 cents, or 0.6%, to $65.82 a barrel at 0645 GMT, after rising 8 cents on Thursday.
U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.8%, to $61.94 a barrel, also after an 8 cent rise on Thursday.
"Oil prices rebounded for a second day as a lower-than-expected U.S. jobless claims data buoyed the energy demand outlook in North America," said Margaret Yang, a strategist at Singapore-based DailyFX.
Oil prices climbed on Friday, buoyed by hopes demand will recover as economic growth picks up and lockdowns ease, but worries about India's surging second wave of COVID-19 cases limited gains.
Brent crude futures rose 42 cents, or 0.6%, to $65.82 a barrel at 0645 GMT, after rising 8 cents on Thursday.
U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.8%, to $61.94 a barrel, also after an 8 cent rise on Thursday.
"Oil prices rebounded for a second day as a lower-than-expected U.S. jobless claims data buoyed the energy demand outlook in North America," said Margaret Yang, a strategist at Singapore-based DailyFX.