Oil Drops Toward $62 Amid Resurgent Virus, Retreat in Equities
Bloomberg 2 hrs ago Sharon Cho
(Bloomberg) Oil fell amid concern a resurgent virus will hurt demand in some economies, and after data showed a slight build in U.S. inventories.
West Texas Intermediate retreated 0.4% following a decline of more than 1% on Tuesday. The renewed spread of Covid-19 in countries such as India is casting a pall over the global economic rebound, even as signs of an improvement in energy demand elsewhere continue to pile up. Crude’s drop on Wednesday came amid a continued sell-off in global equities as investors shunned risk.
Oil Edges Higher Toward $64 on Anniversary of Plunge Below Zero
Bloomberg 1 hr ago Sharon Cho
(Bloomberg) Oil edged higher toward $64 a barrel as traders monitored a patchwork recovery in demand from the coronavirus pandemic a year to the day since futures for the U.S. benchmark went negative.
West Texas Intermediate rose 0.3% in Asia after closing modestly higher on Monday. In the U.S., refinery runs climbed to the highest in over a year as economic activity picked up, but oil demand in India is suffering amid a brutal fresh wave of Covid-19 infections. The dollar fell for a sixth straight session on Monday, boosting the appeal of commodities priced in the currency.
Oil Rises Toward $64 on Anniversary of Historic Crash Below Zero
Bloomberg 1 hr ago Sharon Cho
(Bloomberg) Oil advanced toward $64 a barrel as traders monitored a patchwork recovery in demand from the coronavirus pandemic a year to the day since futures for the U.S. benchmark plunged below zero.
West Texas Intermediate rose 0.8% after closing modestly higher on Monday. In the U.S., refinery runs have climbed to the highest in over a year as activity picks up, but oil demand in India is suffering amid a fresh wave of infections. An additional boost for crude came from a weaker dollar, which fell for a seventh session, boosting the appeal of commodities priced in the currency.
Oil Dips With Stronger Dollar After Saudis Defend Output Hike
Bloomberg 1 hr ago Sharon Cho and Alex Longley
(Bloomberg) Oil dipped, weighed by a stronger dollar and after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output.
West Texas Intermediate futures gave up early gains to trade 0.5% lower, though prices remain within the $5 range they’ve been holding since mid-March. The dollar rose, making commodities priced in the currency more expensive.
Traders continue to await a potential recovery in consumption. While the roll out of vaccines is showing signs of boosting demand in places like the U.S. and U.K., cases continue to spread rapidly elsewhere. India, the world’s third-largest oil importer, posted a record number of cases this week while Japan is set to reimpose lockdowns in Tokyo, Kyoto and Okinawa.
Oil Gains With Stronger Growth Outlook Allaying Virus Concerns
Bloomberg 4 hrs ago Andres Guerra Luz and Alex Longley
(Bloomberg) Oil rose as a brighter outlook for economic growth and summer travel eased concerns around the impact of a resurgent coronavirus.
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Futures in New York closed 1.2% higher on Tuesday after easing off session highs as U.S. equities weakened. Oil prices remained supported by the International Monetary Fund’s stronger global growth forecast of a 6% expansion this year and the U.S. government’s expectation for rising gasoline demand this summer as Americans get back on the road.