Page 41 - ஆற்றல் அமைச்சர் ப்ரிந்ஸ் அப்துலஜிஸ் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Oil closes lower, despite mounting evidence of underlying market strength By Andres Guerra Luz on 4/8/2021 (Bloomberg) Oil closed lower Thursday, yet its underlying market structure firmed, as investors assessed the challenges to a global economic recovery. West Texas Intermediate crude futures slipped 0.3% on Thursday after a choppy session. Despite fluctuations in headline prices, the oil futures curve is showing strength. The premium on the nearest global benchmark Brent contract rose to the highest in a week against the following month. The bullish backwardation structure indicates tightening supplies. WTI’s so-called prompt spread also strengthened. Yet, signs of a mixed economic recovery pressured benchmark crude. In the U.S., where a rebound in consumption is occurring amid a widespread vaccine rollout, jobless claims unexpectedly rose, highlighting the choppy road ahead. Meanwhile, India, the world’s third-biggest oil importer,

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