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Weekend driving in U S , China pave way for gasoline market recovery

Weekend driving in U.S., China pave way for gasoline market recovery Reuters 2 hrs ago By Stephanie Kelly, Muyu Xu and Bozorgmehr Sharafedin © Reuters/EDUARDO MUNOZ Cars drive along the NJ 495 route while road work signs are seen on the roadside, in Union City By Stephanie Kelly, Muyu Xu and Bozorgmehr Sharafedin (Reuters) - Motorists taking weekend trips have helped boost gasoline demand in the United States, China and the United Kingdom, but the recovery has been crimped by rising coronavirus infection rates elsewhere, particularly India. Road fuel use is crucial to the global oil market s recovery from more than a year of demand destruction during the pandemic. Fuel consumption worldwide is due to increase about 6% this year from 2020 to 97.7 million barrels per day, U.S. Energy Information Administration data forecast.

Oil drops to $65 as India s COVID-19 cases surge

Oil drops to $65 as India’s COVID-19 cases surge Oladayo Adenubi with agency report Published 27 April 2021 Published 27 April 2021 The global oil benchmark, Brent crude, declined on Monday as the Organisation of the Petroleum Exporting Countries and its allies indicated that it was watching surging COVID-19 cases in India, the world’s third-biggest oil importer. Brent crude, against which Nigeria’s crude oil priced, went down by $0.49 to $65.62 per barrel as at 8:31pm Nigerian time on Monday, according to EnergyIntel. The US West Texas Intermediate crude also lost $0.26, falling to $61.88 per barrel. Phil Flynn, senior analyst at Price Futures Group in Chicago, was quoted by Reuters as saying, “The market is on guard, coming back from India demand fears on reports that the OPEC technical committee acknowledged potential demand threats from the situation in India.”

CPI to rebound in 2021 on steady oil price | Daily Express Online - Sabah s Leading News Portal

Published on: Tuesday, April 27, 2021 By: Bernama Text Size: Kuala Lumpur: The consumer price index (CPI) is on course to rebound in 2021, thanks to the steady advancement in oil prices amid the likely continuation of supply cut arrangements by the  Organisation of the Petroleum Exporting Countries+ until year-end, Public Investment Bank Bhd said. It said this will be further pushed by a recovery in sentiment following the Covid-19 vaccination programme that will gather speed, especially in the second half of the year. “The CPI will also get a boost from the full implementation of six fiscal stimulus packages worth RM340 billion, or more than 20 per cent of the country’s gross domestic product, this year,” it said in a note Monday.

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