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2021-04-19 16:55:00

OIL PRICE: NEAR $67

OIL PRICE: NEAR $67

REUTERS - APRIL 19, 2021 -  Oil prices steadied on Monday as concerns about demand from rising coronavirus infections in India and other countries were tempered by a weaker U.S. dollar. 

Brent crude was down 2 cents at $66.75 a barrel by 1226 GMT, after rising 6% last week. West Texas Intermediate (WTI) U.S. oil was up 1 cent at $63.14 a barrel, having gained 6.4% last week. 

India reported a record rise in coronavirus infections on Monday which lifted overall cases to just over 15 million, making the country the second-worst affected after the United States, which has reported more than 31 million infections. 

Deaths from COVID-19 in India also rose by a record 1,619 to nearly 180,000.

The capital region of Delhi ordered a six-day lockdown on Monday, joining around 13 other states across the country that have decided to impose restrictions, curfews or lockdowns in their cities.

“This new wave of measures, while so far likely to be less stringent than what we saw in March 2020, when gasoline and gasoil/diesel demand in the country fell by close to 60%, is nevertheless set to weigh on transportation fuel consumption,” consultancy JBC said.

Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 due to imported coronavirus infections, authorities said in a statement on Sunday.

A weaker dollar kept a floor under oil prices. The U.S. currency traded at a six-week low versus major peers on Monday, with Treasury yields hovering near the weakest in five weeks.

With oil priced in dollars, a weaker greenback could spur demand from holders of other currencies, boosting prices.

JP Morgan now expects Brent prices to break the $70 mark by May, compared with September in their previous forecast, the bank said in a recent note. It still expects them to finish the year at a similar level of about $74.

-----


Earlier:

OIL PRICE: NEAR $67
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 $67
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 $67
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 $67
2021, April, 14, 12:19:58
OIL PRICE: ABOVE $64 STILL
Brent rose 85 cents, or 1.3%, to $64.52 a barrel. WTI added 82 cents, or 1.4%, to $61 a barrel.
OIL PRICE: NEAR $67
2021, April, 14, 12:15:00
GLOBAL OIL DEMAND WILL UP BY 6 MBD
In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report.
OIL PRICE: NEAR $67
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.
OIL PRICE: NEAR $67
2021, April, 13, 13:40:00
OIL PRICE: ABOVE $63 STILL
Brent were up 37 cents, or 0.6%, at $63.65 a barrel. WTI gained 32 cents, or 0.5%, to $60.02 a barrel.
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Tags: OIL, PRICE, BRENT, WTI