2021-04-21 14:55:00
OIL PRICE: ABOVE $65
REUTERS - APRIL 21, 2021 - Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world's third-biggest oil importer.
Brent crude futures for June declined 95 cents, or 1.4%, to $65.62 a barrel at 0941 GMT, heading for their biggest daily drop in over two weeks.
U.S. West Texas Intermediate (WTI) crude futures for June fell 93 cents, or 1.4%, to $61.74 a barrel. The May contract expired on Tuesday down 1.5% at $62.44.
"Demand jitters were thrust back into the spotlight yesterday amid a sharp rise in global coronavirus cases. Nowhere is this more obvious than in India," PVM analysts said.
India, also the world's third-largest oil user, on Wednesday reported another record increase in the daily death toll from COVID-19.
Further battering the market, data from the American Petroleum Institute (API) industry group showed U.S. crude oil and distillate stocks rose in the week ended April 16, according to two market sources.
Crude stocks rose by 436,000 barrels, API reported, according to the sources. The U.S. Energy Information Administration will release its inventory data for last week later on Wednesday.
Raising the possibility of further oil supply, Iran and world powers have made headway in talks to save a 2015 nuclear accord, which, if successful, could see sanctions lifted and more Iranian barrels return to the market.
Still, major oil trading companies are stowing diesel and jet fuel on newly built supertankers in Asia and Africa in anticipation of COVID-19 vaccinations driving prices higher in the months ahead.
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Earlier:
2021, April, 20, 13:55:00
OIL PRICE: ABOVE $67 YET
Brent was up 64 cents, or 1%, at $67.69 a barrel. WTI gained 60 cents, or 1%, to $63.98.
2021, April, 19, 16:55:00
OIL PRICE: NEAR $67
Brent was down 2 cents at $66.75 a barrel. WTI was up 1 cent at $63.14 a barrel.
2021, April, 19, 16:45:00
RUSSIAN OIL FOR U.S. 8%
Russian oil imports as a share of US total oil imports hit a record high of 8% in January 2021, according to data from the US Energy Information Administration, up from 4% during 2018.
2021, April, 16, 12:20:00
OIL PRICE: ABOVE $67
Brent rose 28 cents, or 0.4%, to $67.22 a barrel. WTI added 20 cents, or 0.3%, to $63.66.
2021, April, 15, 13:35:00
OIL PRICE: ABOVE $66
Brent was up by 16 cents at $66.74 a barrel. WTI rose 12 cents to $63.27 a barrel.
2021, April, 15, 13:25:00
RUSSIA'S OIL WILL UP
Russia outlined protection of its market share in the international market as one of its main goals for 2021.
2021, April, 14, 12:10:00
U.S. OIL PRODUCTION WILL UP
Higher prices are buoying drillers’ confidence. Benchmark Nymex oil gained nearly 35% in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The fossil fuel is also getting a bump as Covid-19 vaccinations progress and Americans travel again, boosting gasoline consumption.
