Oil prices rebound on fuel demand worries in India
2 hours ago
Gulf Today Report
Oil prices bounce back on Tuesday amid worries surrounding fuel demand in Indian as coronavirus cases continue to surge.
Brent crude was up 40 cents, or 0.6%, at $66.05 a barrel by 06:58 GMT while US oil gained 40 cents, or 0.7%, to $62.31, having declined by 0.4% in the previous session.
As cases continue to surge in India, the Organization of the Petroleum Exporting Countries and allies (OPEC+) would be discussing production policy later in the week.
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TOKYO Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world’s third-biggest crude importer now slammed by spiraling new coronavirus cases.
Brent crude was up 36 cents, or 0.6%, at $66.01 a barrel by 0334 GMT, after dropping 0.7% on Monday. U.S. oil gained 36 cents, or 0.6%, to $62.27, having declined by 0.4% the previous session.
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EnergyOil falls, ends week about 2% lower on supply increase, new lockdowns
Florence TanJulia PayneLaura Sanicola
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Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson
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Oil prices settled lower on Friday andfell around 2% this week as production increases and renewed COVID-19 lockdowns in some countries offset optimism about a recovery in fuel demand.
Brent crude futures for June settled down 22 cents, or 0.4%, to $62.95. U.S. West Texas Intermediate (WTI) crude for May ended 28 cents, or 0.5%, lower at $59.32.
Downward pressure has been exerted by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July. read more
Kuwait oil minister says crude demand improving -KUNA Reuters 3 hrs ago
DUBAI, April 27 (Reuters) - Kuwait Oil Minister Mohammad Abdulatif al-Fares said on Tuesday global demand for crude oil improved noticeably as a result of COVID-19 vaccine rollouts and economic stimulus in major economies, the state-run Kuwait News Agency reported.
Al-Fares spoke ahead of a virtual meeting of the Organisation of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, the agency said. OPEC s policy is to deal carefully with the latest market developments, he said.
(Reporting by Maher Chmaytelli; editing by Jason Neely)
Oil stays higher as reports say OPEC+ plans to keep its output plans and cancel Wednesday’s meeting MarketWatch 1 hr ago
FUTURES MOVERS
Oil futures continued to trade higher on Tuesday after reports that the Organization of the Petroleum Exporting Countries and its allies plan to keep their plan to gradually raise production in place starting in May, and cancel a meeting that was scheduled for Wednesday.
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The news comes even as worries remained that a surge in COVID-19 cases in India could lead to notable declines in demand for oil.
OPEC+ ditched plans to hold the ministerial meeting Wednesday, Reuters reported, citing four OPEC+ sources, following a meeting Tuesday of ministers who are members of a market monitoring panel.