Oil Drops With Virus Risks in Europe Dimming the Demand Outlook
Bloomberg 1 hr ago Andres Guerra Luz
(Bloomberg) Oil accelerated its decline after Britain warned it may continue limiting foreign travel, dampening hopes for a summer travel boom.
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Futures in New York fell as much as 5.9% on Monday, sending prices markedly below their 50-day moving average. The U.K. may delay global travel beyond May 17 if coronavirus infections continue to surge elsewhere around the world, adding further pressure on the immediate trajectory for consumption as governments struggle to control the spread of Covid-19.
Meanwhile, Iran, the U.S. and the remaining members in the 2015 nuclear deal are set to gather in Vienna on Tuesday to discuss potentially resurrecting the agreement, presenting a possible path toward removing sanctions on the Middle Eastern country’s oil exports. Yet, Iran indicated talks won’t succeed without the U.S. fully removing sanctions.
Oil declined in New York after an industry report showed U.S. crude stockpiles rose last week amid a spate of refinery outages from the country’s recent cold snap.
Oil Falls After Industry Report Shows Surprise U.S. Supply Rise
Bloomberg 2/23/2021 Andres Guerra Luz and Alex Longley
(Bloomberg) Oil declined in New York after an industry report showed U.S. crude stockpiles rose last week amid a spate of refinery outages from the country’s recent cold snap.
The industry-funded American Petroleum Institute was said to report a 1.03 million-barrel build in domestic oil inventories, compared to expectations for a decline. At the same time, U.S. drillers have already restored about 80% of crude production in parts of Texas following the polar blast.
“People have been counting on continuous drawdowns, so there will be these surprise builds on occasion,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago.
Stocks Notch Best Day in 10 Weeks, Nasdaq Up 2.5%: Markets Wrap
Bloomberg 2/1/2021 Rita Nazareth and Vildana Hajric
(Bloomberg) Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.
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In a broad-based advance led by retailers and tech companies, the S&P 500 rebounded from last week’s rout as the Nasdaq 100 jumped 2.5%. Amazon.com Inc. and Google’s parent Alphabet Inc., which are set to report earnings Tuesday, climbed at least 3.6%. Tesla Inc. soared after an analyst more than doubled his price target on the electric-car maker, saying “fireworks aren’t over.” GameStop Corp. tumbled as bearish investors appeared to cover their positions while retail traders flocked to other corners of the market. Silver climbed to an almost eight-year high.
Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.