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Oil steadies after rout on rising COVID-19 cases, OPEC+ supply deal

Article content The selloff, which pushed prices to their lowest in two months, “was largely due to concerns centered on the Delta variant and macro backdrop rather than a significant re-think of forward looking oil fundamentals,” RBC Capital Markets said in a note. It came after the Organization of the Petroleum Exporting Countries (OPEC) and allies, called OPEC+, reached a compromise on Sunday to increase output, but that was more “an unfortunate coincidence rather than a catalyst,” RBC said, noting equities fell sharply and bonds rose. That Delta variant of COVID-19, which is significantly more contagious than earlier ones, is now the dominant strain worldwide, U.S. officials said on Friday.

United statesRichard pullinAaron sheldrickOrganization of the petroleum exporting countriesPetroleum exporting countriesஒன்றுபட்டது மாநிலங்களில்ஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள்பெட்ரோலியம் ஏற்றுமதி நாடுகள்

Oil drops under $70, heads for biggest one-day loss since March on COVID spread, OPEC+ deal

Provided by Dow Jones By Myra P. Saefong and Barbara Kollmeyer Goldman sees higher prices ahead Crude-oil prices fell below $70 a barrel, poised for their biggest daily percentage loss since March, as concerns over the spread of the COVID delta variant continue to cloud the demand outlook after OPEC+ reached a deal to boost oil production. The rise in the delta variant has not only hindered OPEC s ability to increase production without pulling down prices, but also has much broader implications for the macro trade that is not supportive of oil prices, Troy Vincent, market analyst at DTN, told MarketWatch.

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Oil Plummets on OPEC Agreement And Covid Fears, But Analysts Maintain Positive Outlook

Oil Plummets on OPEC Agreement And Covid Fears, But Analysts Maintain Positive Outlook by Ship & Bunker News Team Monday July 19, 2021 Oil on Monday plummeted by $5 per barrel, the worst showing since March, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies reached a compromise to boost oil supply from August by 400,000 barrels per day (bpd), in a bid to moderate prices. The losses were also said to have been stoked by the perception that rising Covid infections in some parts of the world would compromise demand recovery: “The market is very fixated on the potential for the Delta variant exploding,” said

United statesJohn kilduffJohn kempHelima croftPhil flynnRameswar teliOil plummetsOil onOrganization of the petroleum exporting countriesPrice futures group incCovid fearsAnalysts maintain positivePetroleum exporting countriesWest texas intermediateGoldman sachsAgain capital

World stocks face losing streaks as investors avoid risk

World stocks face losing streaks as investors avoid risk Oil prices headed for worst day since March after OPEC+ agreed to boost output Reuters July 20, 2021 In the past two months, the federal cabinet has exempted taxes on $5.5b worth of foreign borrowings, including $2.5b Euro-bonds. PHOTO: FILE NEW YORK: Investors moved away from risky assets on Monday as a rise in worldwide coronavirus cases crushed bond yields and left stocks facing losing streaks, with Wall Street falling more than 1%. New Covid-19 cases rose in England and Asia, with US infections soaring 70% last week, dampening optimism on the economic recovery. The 10-year yield fell 8.7 basis points to 1.212%, a low last seen in February, while the S&P 500 fell for a third straight session.

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Oil prices stable after fall in COVID-19 cases, OPEC+ supply deal

Oil prices stable after fall in COVID-19 cases, OPEC+ supply deal
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