Covid Concerns Dampen Oil Trading, But Demand Recovery Robust In Many Countries
by Ship & Bunker News Team
Tuesday April 20, 2021 Covid concerns continued to affect worry-prone crude traders on Tuesday, as fears of possible lockdowns in India caused Brent to fall
58 cents to 83 cents to
Bob Yawger, director of energy futures at
Mizuho, said, Given India s position as a major crude oil importer in the world, new restrictions would be very bad for the energy complex.
Narendra Modi, India s prime minister on Tuesday said citizens should take precautions to halt the rising infection rate of Covid, but he stopped short of imposing restrictions.
Domestic Crude Inventories Climb, Ending Streak of Declines, EIA Says naturalgasintel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasintel.com Daily Mail and Mail on Sunday newspapers.
U.S. House panel advances bill allowing anti-trust suits against OPEC
U.S. House panel on Tuesday passed a bill to open the OPEC oil production group and countries working with it to lawsuits for collusion in boosting petroleum prices, but it was uncertain whether the full chamber would consider the legislation.
The so-called NOPEC bill, introduced by Representative Steve Chabot, a Republican, passed on a voice vote in the House Judiciary Committee. It would allow the U.S. Justice Department to bring anti-trust lawsuits against oil-producing countries in the Organization of the Petroleum Exporting Countries.
Similar bills to pressure OPEC when oil prices are on the rise have appeared in Congress without success for more than 20 years.
Oil drops from one-mth highs on demand fears as virus surges in India
Crude futures settled lower on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths surge to record highs.
Oil prices have risen steadily this year on anticipation that demand would recover, but while the United States and China are rebounding, numerous other countries are not.
“Unless major progress is seen beyond the key industrialized nations such as the U.S., the pandemic factor could require some downward adjustments in global oil demand expectations for this year,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
World commodity prices to stabilise after early 2021 gains, supported by global economic recovery — World Bank jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.