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NEW YORK (Reuters) -Oil fell more than $3 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States.
FILE PHOTO: A general view of a refinery in Hobbs, New Mexico, U.S. September 18, 2019. REUTERS/Adria Malcolm/File Photo
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply. [OPEC/O]
“The timing was not good,” said Bob Yawger, director of energy futures at Mizuho Securities. “It seemed like OPEC+ was going to roll the deal, but they didn’t and now it looks like they’re going to have to pay at least in the short term.”
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Oil prices eased on Wednesday despite prospects for stronger global economic growth as talks to revive a nuclear deal with Iran opens the possibility of an easing of sanctions on its oil exports.
Brent crude futures fell by 36 cents, or 0.6 per cent, to $62.38 a barrel by 0843 GMT while U.S. West Texas Intermediate crude was down 36 cents, or 0.6 per cent, at $58.97.
Fuel prices in the country remained unchanged on Wednesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices unchanged for seven consecutive day. Accordingly, the pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.
Petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last week on Tuesday in the wake of the global softening of oil prices. OMCs have decided to pause price revision as they want to watch the crude price movement that has now fallen to around $62.5 a barrel from remaining above this level in much of the last week.
Oil prices climb on weaker dollar
7th April, 2021 12:12:11
MELBOURNE: Oil prices rose early on Tuesday as a drop in the U.S. dollar made crude a more attractive buy, paring losses of more than 4per cent incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.
Brent crude futures jumped 83 cents, or 1.3per cent, to US$62.98 a barrel at 0012 GMT, after falling 4.2per cent on Monday, report agencies.
U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4per cent, to US$59.45 barrel, after sliding 4.6per cent on Monday.
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