Oil Pares Weekly Loss as Investors Face Mixed Signals on Demand
Bloomberg 36 mins ago Sharon Cho
(Bloomberg) Oil rose as investors assessed a patchwork recovery in energy demand, with signs of a rebound from the pandemic in some countries such as the U.S. mixed with setbacks in parts of Asia where the virus is still rampant.
West Texas Intermediate gained 0.5% on Friday but remains on course for a weekly drop of around 2%, extending April’s pattern of alternating between weekly gains and losses as investors respond to the complex mosaic of signals. Among the latest were evidence of rising U.S. and U.K. gasoline demand, but also a virus wave in India that’s set a global record for daily infections.
Oil Snaps Two-Day Advance as Pandemic Worsens in India, Canada
Bloomberg 30 mins ago Sharon Cho
(Bloomberg) Oil declined as the pandemic worsened in key regions, with Indian cases spiking and Canada’s most populous province declaring a state of emergency just as OPEC+ prepares to add supply over the coming months.
West Texas Intermediate retreated as much as 0.9%, snapping a two-day advance. India, the world’s third-biggest oil importer, has been recording more than 100,000 new coronavirus cases a day, and key states face a vaccine shortage. In Ontario, officials have issued a stay-at-home advisory that’ll be in place for four weeks to tackle a new, more dangerous wave.
Oil Snaps Two-Day Advance as Pandemic Worsens in India, Canada msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Oil surged to the highest in nearly two years after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead.
Oil surged to the highest in nearly two years after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead.