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Oil slips with uneven global consumption rebound tempering rally
Andres Guerra Luz and Alex Longley, Bloomberg News
Commodities Update: oil wavers, iron ore hits record high VIDEO SIGN OUT
Oil declined as the coronavirus crisis in India and a slowing demand rebound in the U.S. highlighted the uneven nature of the global recovery.
Futures in New York fell 1.4 per cent Thursday after hitting a nearly two-month high earlier in the week. While signs of rising oil consumption have put prices on track for a weekly gain, spiking COVID-19 cases in major crude importer India is capping gains. At the same time, U.S. gasoline consumption slipped for a second straight week.
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(Bloomberg) Oil fell as traders assessed an uneven recovery in demand, with U.S. stockpiles dropping but concern about consumption in virus-hit India.
West Texas Intermediate dropped 0.6% in early Asian trading after ending little changed on Wednesday. Major crude importer India is battling a record coronavirus wave that’s sapped economic activity, and against that backdrop Saudi Arabia lowered prices for June shipments to Asian customers. Still, in the U.S., stockpiles declined last week to the lowest level since late February.
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by Bloomberg
|Thursday, May 06, 2021
Oil declined amid the coronavirus crisis in India and a slowing demand rebound in the USA.
(Bloomberg) Oil declined as the coronavirus crisis in India and a slowing demand rebound in the U.S. highlighted the uneven nature of the global recovery.
Futures in New York fell 1.4% Thursday after hitting a nearly two-month high earlier in the week. While signs of rising oil consumption have put prices on track for a weekly gain, spiking Covid-19 cases in major crude importer India is capping gains. At the same time, U.S. gasoline consumption slipped for a second straight week.
Signs of inflation are picking up, with a mounting number of consumer-facing companies warning in recent days that supply shortages and logistical logjams may force them to raise prices.