Canadian Dollar Weakens On Falling Oil Prices
CANBERA (dpa-AFX) - The Canadian dollar fell against its most major counterparts in the Asian session on Thursday, as an unexpected build in U.S. crude inventories and the continued surge in coronavirus cases in some parts of the world pushed down oil prices.
Crude for June delivery fell $0.23 to $65.09 per barrel.
Data from the Energy Information Administration showed on Wednesday that U.S. crude inventories rose by 594,000 barrels in the week to April 16 to 493 million barrels.
Analysts had expected inventories to drop by about 3 million barrels.
India recorded 314,835 new infections and 2,104 deaths on Thursday, forcing authorities in the worst affected state of Maharashtra to impose additional restrictions.
“Virtually all segments of the energy sector stank the place out in 2020,” an OilPrice.com article noted. “The average midstream company fell 31.9%. These are companies that transport and store oil and gas.”
“Integrated supermajors such as Exxon and Chevron declined 32.5%, while the largest upstream companies crashed 33.6% in 2020,” the article added further. “Meanwhile, giant refiners such as Marathon Oil, Valero Corp, and Phillips 66 fell 32.2% over the timeframe.”
However, as oil prices have not only recovered since all sub-sectors of the oil industry have flourished.
“However, all four sub-sectors have managed to turn things around, with midstream companies climbing 25.6% in Q1 2021; integrated supermajors gaining 35.7%, upstream companies gained 38.0%, while refiners returned 25.8%,” the article said further.
TOKYO:
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.
By Reuters Staff
1 Min Read
LONDON, April 22 (Reuters) - Libya’s oil production fell to about 1 million barrels per day (bpd) in recent days and could drop further amid budgetary issues, the country’s National Oil Corporation said on Thursday.
Production fell from about 1.3 million bpd, the NOC said. (Reporting by Ahmad Ghaddar Editing by David Goodman )