Oil prices bounce as traders keep eye on Iran talks MarketWatch 2 hrs ago
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Oil futures rose Tuesday, finding support as traders watched economic data out of China and prepared for talks aimed at reviving the Iranian nuclear deal.
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West Texas Intermediate crude for May delivery rose 98 cents, or 1.7%, to $59.63 a barrel on the New York Mercantile Exchange. June Brent crude the global benhmark, was up 95 cents, or 1.5%, at $63.10 a barrel on ICE Futures Europe.
Crude fell 4% Monday, with pressure tied to last week’s decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to relax output curbs. The plan would put more than 2 million barrels a day of production back on the market by July.
Oil gains 2% on strong U S , China economic data reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
updated: Apr 06 2021, 14:10 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.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels, three sources said.
Oil rebounds on robust economic data
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.
“The current situation is fragile, therefore re-visiting the recent highs (of oil prices)… is not imminent,” said PVM analyst Tamas Varga.