Oil falls 3rd day on U.S. stock build, surging COVID-19 cases
By Yuka Obayashi
Reuters
TOKYO (Reuters) - Oil prices fell for a third day on Thursday as a surprise build in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow.
Brent crude futures fell 57 cents, or 0.9%, to $64.75 a barrel by 0157 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.0%, at $60.77 a barrel, after losing $1.32 on Wednesday.
Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down more than 3% so far this week.
Global vaccine rollout, brightening demand optimism boost prices
Afp
April 22, 2021
LONDON:
One year ago, crude oil prices plunged into the abyss, wiped out by the global coronavirus pandemic and disagreement within the Organisation of the Petroleum Exporting Countries (OPEC).
Twelve months on, prices have recovered and are rising, boosted by the global vaccination rollout and brightening optimism over demand.
Oil has returned to its pre-pandemic price, hovering around $65 a barrel, with predictions from Goldman Sachs it will rise above $80 in the coming months.
Strong indications are that demand will rise in countries where Covid jabs are moving apace, according to the US investment bank.
Oil falls on US inventory build, surging Covid-19 cases
Reuters
TOKYO |
Updated on
Brent, WTI crude futures down more than 3 per cent this week Oil prices fell for a third day on Thursday as a surprise build in US crude inventories and a resurgence of Covid-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow.
Brent crude futures fell 57 cents, or 0.9 per cent, to $64.75 a barrel by 0157 GMT, following a drop of $1.25 on Wednesday. US West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.0 per cent, at $60.77 a barrel, after losing $1.32 on Wednesday.
Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled. Brent crude futures fell 18 cents, or 0.3%, to $65.14 a barrel by 0721 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3%, at $61.18 a barrel, after losing $1.32 on Wednesday. Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down about 3% so far this week.