5 Min Read
SINGAPORE/Rio de Janeiro, Brazil (Reuters) - China’s record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe.
FILE PHOTO: An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the Irkutsk region, Russia on March 11, 2019. REUTERS/Vasily Fedosenko/File Photo
The jump in Iranian volumes took the market by surprise and has capped global oil prices although the Biden administration had been expected to resume talks with Tehran to revive a nuclear deal.
3 Min Read
SINGAPORE (Reuters) -Crude oil climbed on Wednesday after industry data showed U.S. inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies.
FILE PHOTO: Fuel nozzles with new European labels to standardise pumps in the EU zone are seen at a petrol station in Madrid, Spain, October 11, 2018. REUTERS/Sergio Perez/File Photo
Brent crude futures rose 85 cents, or 1.3%, to $64.52 a barrel by 0619 GMT, after gaining 39 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures added 82 cents, or 1.4%, to $61 a barrel, following Tuesday’s rise of 48 cents.
Oil Futures Settle Higher On Demand Hopes Crude oil prices moved higher on Tuesday, lifted by an upward revision in energy demand forecast by the Organization of the Petroleum Exporting Countries (OPEC).
Data showing a surge in Chinese imports contributed as well to oil’s uptick.
West Texas Intermediate Crude oil futures for May ended higher by $0.48 or about 0.8% at $60.18 a barrel.
The OPEC today raised its demand forecast by 190,000 barrels a day from its March estimate. The group said in its monthly report that it expects consumption to average 96.46 million barrels a day this year, citing economic stimulus programs and a further easing of lockdown measures.
Oil rises on drawdown in U.S. oil stocks, OPEC demand outlook
By Sonali Paul
Reuters
MELBOURNE (Reuters) - Oil prices rose in early trade on Wednesday, adding to overnight gains, after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand.
Brent crude futures rose 28 cents, or 0.4%, to $63.95 a barrel at 0057 GMT, after climbing 39 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures similarly climbed 28 cents, or 0.5%, to $60.46 a barrel, adding to Tuesday s rise of 48 cents.
Oil price gains over the past week have been underpinned by signs of a strong economic recovery in China and the United States, but have been capped by concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil.
Oil Edges Higher On China Data, But Johnson & Johnson Halt Caps Gains
by Ship & Bunker News Team
Tuesday April 13, 2021 Strong import data from
China resulted in another session of price gains for crude on Tuesday, but hypersensitive traders capped the gains with concerns that the highly-criticized pause on the
Johnson & Johnson vaccine could delay the end of the Covid pandemic and, consequently, economic recovery. Crude imports into China jumped
21 percent in March from a low base a year earlier, as refiners ramped up operations; also, the
Organization of the Petroleum Exporting Countries (OPEC) in its monthly report raised its forecast for 2021 oil demand growth by