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LONDON, April 26 (Reuters): Oil prices fell almost US$1 on Monday on fears that surging Covid-19 cases in India will dent fuel demand in the world s third-biggest oil importer, while an expected supply increase from OPEC+ also added to pressure.
Brent crude was 89 cents, or 1.4%, lower at $65.22 a barrel by 0846 GMT. U.S. West Texas Intermediate (WTI) crude was down 87 cents, or 1.4%, at $61.27 a barrel.
Both benchmarks fell about 1% last week. The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed, said Commerzbank analyst Eugen Weinberg.
Updated:
India s oil demand has risen by 25% in the last seven years
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Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana. File photo
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India s oil demand has risen by 25% in the last seven years
India, the world s third-largest crude consumer and importer, has approached Guyana s government about a possible long-term deal to buy the South American country s oil, a Guyanese official said.
India has expressed interest in buying one of the 1 million-barrel cargoes Guyana s government is entitled to in order to test the crude in its refineries, according to Guyana s Natural Resources Minister Vickram Bharrat. If the crude is compatible, the parties could begin talks on a long-term arrangement.
Oil falls on India’s Covid surge, supply increase
Market focused more on India and Japan, where coronavirus cases have risen sharply
Reuters
April 26, 2021
LONDON:
Oil fell on Monday on fears that surging Covid-19 cases in India will dent fuel demand in the world’s third-biggest oil importer, while the end of a force majeure on exports from a Libyan terminal and an expected supply increase from OPEC+ added to pressure.
Brent crude dropped $1.02, or 1.5%, to $65.09 a barrel by 1109 GMT. US West Texas Intermediate (WTI) crude was down $0.9, or 1.5%, at $61.24 a barrel. Both benchmarks fell about 1% last week.
“The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed,” said Commerzbank analyst Eugen Weinberg.
Vanguard News
CASH SQUEEZE: Options before states
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By Tunde Oso
The combination of global low crude oil prices and weak global demand, caused partly by the Coronavirus pandemic COVID -19, is hitting Nigeria hard. Although the oil sector represents less than 10 per cent of the country’s gross domestic product (GDP), it accounts for half of the government revenues and over 90 per cent of foreign exchange.
The Minister for Finance, Budget and National Planning, Mrs Zainab Ahmed recently stated that Nigeria experienced a 65 per cent decline in projected net revenues from the oil and gas sector, due to the price drop and the Organization of the Petroleum Exporting Countries (OPEC) production cuts. This has automatically affected federal allocations to the 36 states in the country, who now are gasping under the financial burden of paying workers’ wages and discharging their other statutory responsibilities. Sunday Vanguard, therefore, sought the opinions of some economic expert