By Shu Zhang and Sonali Paul SINGAPORE (Reuters) -Oil prices rose on Tuesday as investors looked for bargains following the previous day s plunge on rising output from OPEC+, while strong economic data from the United States and China brightened recovery prospects. Brent crude futures rose 78 cents, or 1.26%, to $62.93 a barrel by 0646 GMT, after falling 4.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 81 cents, or 1.38%, to $59.46, after sliding 4.6% on Monday. Market sentiment was buoyed by a survey from the Institute for Supply Management (ISM) on Monday showing activity in the U.S. services industry reached its highest level on record in March. The data came after a jobs report on Friday beat forecasts with 916,000 added to the U.S. economy last month.
Oil drops below $64
Reuters
April 06, 2021
Analyst expects US sanctions on Iran to be lifted only after talks are completed and Iran pledges compliance. PHOTO: REUTERS
LONDON:
Oil fell below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021. The Organisation 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. Brent crude for June fell $1.44, or 2.2%, to $63.42 a barrel by 1425 GMT. US West Texas Intermediate crude for May dropped $1.60, or 2.6%, to $59.85. “The OPEC+ decision, perhaps nudged along by increasing Iranian production heading to China, probably means we have seen the best of oil rally now for the next few months,” Jeffrey Halley of brokerage Oanda said.
Oil rebounds on robust economic data
By Bozorgmehr Sharafedin
Reuters
LONDON (Reuters) - Oil prices rose on Tuesday supported by strong economic data from China and the United States, recouping some of the losses from the previous session due to rising OPEC+ supply and infections in India and parts of Europe.
Brent rose 90 cents, or 1.5%, to $63.05 a barrel by 0840 GMT. U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 1.7%, to $59.63.
Both contracts fell around $3 on Monday.
Coronavirus-related deaths worldwide crossed 3 million on Tuesday, according to a Reuters tally, as the latest global resurgence of COVID-19 infections is challenging vaccination efforts across the globe.
IOC, BPCL to buy 36% less oil from Saudi Arabia in May
The refiners - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - normally buy 14.8 million barrels of Saudi oil in a month
Reuters | April 6, 2021 | Updated 08:50 IST
Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. Energy relations between India, the world s third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
Indian refiners deepen cuts to Saudi oil purchases in May
Indian refiners deepen cuts to Saudi oil purchases in May
Energy relations between India, the world s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
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Indian refiners normally buy 14.8 million barrels of Saudi oil in a month. (Photo: Reuters)
Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
Energy relations between India, the world s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.