Page 3 - Amy Sergeant News Today

The surge in US oil prices comes as a hearty economic recovery from COVID-19 crashes against a lack of truck and port workers and Hurricane Idas damage to oil infrastructure.

The current energy market picture is looking good for oil bulls. International benchmark Brent crude passed the long-anticipated threshold of $80 per barrel on Tuesday, though it’s since slipped back down to trade at $78.47 as of Wednesday at 10:30 a.m. in London. West Texas Intermediate was trading at $74.73 per barrel around the same ...

Are the supply and demand fundamentals that have governed oil markets for decades coming unstuck?

Is the oil market broken?

© PUNIT PARANJPE/AFP via Getty Images A slowing Indian economy is a new headwind for oil prices. The country is the world’s third-biggest oil market, importing more than $100bn of the fuel in 2019. Before Covid-19, world oil consumption was around 100 million barrels per day (mbpd). That figure tumbled by 8.7mbpd last year, according to data from the International Energy Agency (IEA). The IEA thinks global demand will recover by 5.7mbpd this year, says Robert Perkins of S&P Global. The agenc...

Oil clawed back losses after an OPEC+ panel boosted its global demand growth view, while the worsening Covid-19 crisis in India held back prices from further gains. Futures in New York were little changed following a rebound from a loss of as much as 2.4 per cent earlier Monday. An OPEC+ technical committee was said to raise its global oil demand growth forecast for 2021 to 6 million barrels a day, according to delegates. Earlier, OPEC Secretary-General Mohammad Barkindo said that the group s...

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Oil Rises Toward $60 as Investors Weigh Near-Term Demand Outlook Bloomberg 1 hr ago Saket Sundria and Alex Longley (Bloomberg) -- Oil gained, nearing $60 a barrel, as investors continued to assess the recovery in consumption globally. Futures in New York rose as the dollar fell, making commodities priced in the U.S. currency more attractive. Federal Reserve Chair Jerome Powell said that the U.S. economy was poised for stronger growth, but he cautioned that the pandemic remains...

Oil Pares Gains With Market Awaiting Clarity on Demand Strength Bloomberg 1 hr ago Alex Longley and Andres Guerra Luz (Bloomberg) -- Oil retreated from session highs with prices struggling to break out of the recent trading range as the market considers the jagged outlook for global fuel consumption. Futures in New York headed back toward unchanged after notching a gain of as much as 2.4% earlier Monday. New daily Covid-19 cases in Iran rose to a record overnight, while Austri...

Oil pared gains with prices struggling to break out of its recent trading range.