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Oil rebounds as market seizes on discounted prices

Oil rebounds as market seizes on discounted prices Toggle share menu Advertisement Oil rebounds as market seizes on discounted prices NEW YORK :Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil s two-month low touched in the previous session. FILE PHOTO: A closed petrol pump is seen in Chuquiaguillo, on the outskirts of La Paz, Bolivia, November 17, 2019. REUTERS/David Mercado 20 Jul 2021 10:45AM (Updated: 21 Jul 2021 05:35AM) Share this content Bookmark NEW YORK -Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil s two-month low touched in the previous session. Monday s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7per cent lower and hit other riskier assets. The oil market was also lower on news that the Organization of the Petroleum Exporting Countries and allies, known as O

Recovery seen in upstream activities

PETALING JAYA: Upstream activities in the oil and gas (O&G) industry are expected to recover in the second half of this year albeit at a gradual pace due to the still high number of Covid-19 cases. It is noted that upstream activities in the first quarter of the year were dismal, while the sequential recovery in the second quarter came in slower than expected. Although offshore operations, which are classified as essential services, were allowed to operate as usual following the renewed lockdown on June 1, work progress has been dragged by the shortage of offshore crew due to quarantine requirements and the supply of materials.

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