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Oil Gains on Strong Demand Rebound Sentiment, OPEC Initiatives

Oil Gains on Strong Demand Rebound Sentiment, OPEC Initiatives by Ship & Bunker News Team Tuesday April 27, 2021 Although India s troublesome Covid rates - which have caused crude traders to fret about global demand impact for the past few sessions - remain unchanged, sentiment on Tuesday swerved back to optimism for a robust demand recovery later this year, and as a result oil climbed by the most in nearly two weeks. After sources such as Russia, and the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday expressed confidence in an economic recovery from government-mandated Covid lockdowns, gains in West Texas Intermediate outpaced those of its global counterpart, Brent.

CORRECTED-Oil falls as India crisis, U S stocks build dampen confidence in fuel demand recovery

(Corrects volume to 2.1 million bpd, not 2.21 million, in paragraph 6) MELBOURNE, April 28 (Reuters) - Oil prices dropped on Wednesday, paring overnight gains, with soaring COVID-19 cases in India and a bigger-than-expected build in U.S. crude stocks offsetting confidence shown by OPEC and its allies in a solid recovery in global fuel demand. Brent crude futures fell 26 cents, or 0.4%, to $66.16 a barrel at 0205 GMT, paring a 1.2% gain from Tuesday. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.4%, to $62.71 a barrel, after gaining 1.7% on Tuesday. The American Petroleum Institute industry group reported crude stocks rose by 4.319 million barrels, according to two sources, which was a much bigger build than analysts in a Reuters poll had estimated.

Bloomberg: Markets Are Insulated From India s Agony, for Now

An Unfolding Disaster Sometimes this job can be distasteful. As the U.S. and the U.K. enjoy a steady relaxation of Covid-19 restrictions, India is in the grip of arguably the single most violent and overwhelming outbreak the world has seen. All of us should be primarily concerned about the human cost. For good reportage on these appalling events, read lengthy reports in the New York Times, the Wall Street Journal, or watch this video from Bloomberg. The Guardian has a moving podcast, recorded shortly after one of its journalists in Delhi had died of Covid.  However, it is my job now to try to work out how much of a financial impact this wave will have on India and the rest of the world. This isn’t the most important aspect of the unfolding disaster, but it needs to be considered. First, a look at the death toll shows that India has been hit suddenly and very hard. This is how the number of deaths has moved since the pandemic took hold early last year: 

Weekend driving in U S , China pave way for gasoline market recovery | Hellenic Shipping News Worldwide

Weekend driving in U S , China pave way for gasoline market recovery | Hellenic Shipping News Worldwide
hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.

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