Oil Falls for First Week in Two Months With Rally Losing Steam
Bloomberg 3/12/2021 Andres Guerra Luz and Alex Longley
(Bloomberg) Oil in London fell for the first week in two months as signals of a patchy demand rebound across the globe and a stronger dollar held back a crude’s rally.
Global benchmark Brent futures fell 0.6% on Friday. West Texas Intermediate also edged lower, posting its first weekly decline in three weeks. A fresh bout of bond volatility spurred a risk-off mood across markets, with U.S. equities declining and the dollar strengthening. Meanwhile, Indian fuel sales dipped in February amid higher pump prices, but demand has been climbing in the U.S. and the U.K.
Oil wavers with dollar rising and demand outlook still spotty bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Texas fuel makers are racing to restore operations knocked out by mid-February s winter storm, but they re also casting a wary eye on market improvements and may be reluctant to come back at full throttle.
Texas fuel makers are racing to restore operations knocked out by mid-February’s brutal winter storm, but they’re also casting a wary eye on improvements in the market and may be reluctant to come back at full throttle.
Refiners are gun-shy after 12 months of losing money in a market that was hit hard by Covid-19, prompting several plants to close or slash production. So, even as the market beckons with fatter profit margins, tighter inventories and signs of rising demand, they are weighing the risk of being stuck with a glut of fuel supplies again.