Oil edges up on weak dollar; investors weigh rising supplies, demand outlook wsau.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wsau.com Daily Mail and Mail on Sunday newspapers.
updated: Apr 08 2021, 02:43 ist
Oil futures inched higher on Wednesday on an improving global economic outlook, but gains were capped by rising gasoline inventories and fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.
Brent crude futures settled at $63.16 a barrel, up 42 cents, or 0.7%. U.S. West Texas Intermediate crude settled at $59.77 a barrel, gaining 44 cents, or 0.7%.
U.S. crude stocks fell 3.5 million barrels last week, but gasoline inventories jumped 4 million barrels, the Energy Information Administration (EIA) said, compared with expectations in a Reuters poll for a 221,000-barrel gasoline drop. If you don’t need to make gasoline, then you don’t need to use more crude oil, said Bob Yawger, director of energy futures at Mizuho Securities.
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Luke MacGregor/Reuters
BP PLC delivered an upbeat outlook this week ahead of its first-quarter financial results later this month. Is there an upbeat takeaway for Canada’s energy sector, too?
Although it didn’t disclose its quarterly earnings, the British-based energy giant said higher energy prices, strong trading revenue and the successful sale of assets helped the company reduce its net debt to about US$35-billion during the quarter – putting it about a year ahead of schedule for debt reduction and setting up the prospect of share buybacks this year.
Updated Apr 08, 2021 | 09:31 IST
Repeated output cuts by Saudi Arabia have placed upward pressure on domestic prices of fuel as a result of rising crude prices. Representational image. | Photo Credit: PTI
Key Highlights
Saudi Arabia s national oil producer, Saudi Aramco decided to increase the price of oil shipments to Asia by between 20 to 25 cents per barrel, thereby raising the total cost of light crude for its key Asian customers to about $1.8 above its benchmark price
According to the latest reports, Indian refiners have placed orders to purchase 9.5 million barrels of Saudi oil in May, down from the previously planned 10.8 million barrels
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MOSCOW, April 8 (Reuters) - Russia expects the fallout from the COVID-19 pandemic on the global consumption of oil and oil products may last until 2023-2024, a draft government document, seen by Reuters, showed on Thursday.
It also cites the decarbonisation of leading global economies as a potential threat to its oil industry, a key source for Moscow’s budget revenue.
World oil and liquid fuels production fell in 2020 to 94.25 million barrels per day (bpd) from 100.61 million bpd in 2019, amid the pandemic, which led to lockdowns, halting 80% of air traffic and a quarter of road traffic at its peak and denting fuel consumption.