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2021-04-23 11:40:00

OIL PRICE: NEAR $66

OIL PRICE: NEAR $66

REUTERS - APRIL 23, 2021 -  Oil prices climbed on Friday, buoyed by hopes demand will recover as economic growth picks up and lockdowns ease, but worries about India’s surging second wave of COVID-19 cases limited gains.

Brent crude futures rose 42 cents, or 0.6%, to $65.82 a barrel at 0645 GMT, after rising 8 cents on Thursday.

U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.8%, to $61.94 a barrel, also after an 8 cent rise on Thursday.

“Oil prices rebounded for a second day as a lower-than-expected U.S. jobless claims data buoyed the energy demand outlook in North America,” said Margaret Yang, a strategist at Singapore-based DailyFX.

“Recent macro data from the U.S. and China have been encouraging, reflecting a robust economic recovery from the world’s two largest economies, while OPEC+ is expected to hold the current production plans unchanged in a meeting next week, helping to stabilize oil prices.”

U.S. refiner Valero said gasoline and diesel demand were back to 93% and 100% of the levels they were at before the pandemic, with chief commercial officer Gary Simmons saying the company is “pretty bullish on gasoline going forward”.

Meanwhile, some improving conditions in Europe also boosted sentiments as France said schools would reopen on Monday and domestic travel curbs in place would end on May 3.

The resurgence of infections in India and Japan, however, pointed to an uneven demand recovery in different parts of the world and oil prices could come under further pressure if the situation worsens in these key markets, analysts said.

“Energy markets remain in a holding pattern ahead of the next OPEC+ meeting next week, and with India consumption concerns capping gains,” said Jeffrey Halley, senior market analyst at OANDA.

Both benchmark crude contracts are headed for a weekly loss of nearly 2% on concerns about sliding fuel demand in India, the world’s third largest oil importer, where daily infections and deaths from COVID-19 hit new records this week.

Several countries, including Australia, Britain, Canada, and the United Arab Emirates, have barred or cut flights from India.

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Earlier:

OIL PRICE: NEAR $66
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.
OIL PRICE: NEAR $66
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.
OIL PRICE: NEAR $66
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.
OIL PRICE: NEAR $66
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.
OIL PRICE: NEAR $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.
OIL PRICE: NEAR $66
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.
OIL PRICE: NEAR $66
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.
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Tags: OIL, PRICE, BRENT, WTI