Oil slipped with the rapid coronavirus resurgence in India and other countries casting a cloud around a return to normal consumption.
(Bloomberg) Oil slipped with the rapid resurgence of Covid-19 in India and other countries casting a cloud around a return to normal consumption, even as OPEC+ projected a strong global demand recovery this year.
Futures in New York closed 0.4% lower on Monday. While an OPEC+ technical committee raised its global oil demand growth forecast for 2021 to 6 million barrels a day and said most of the fuel inventory glut accumulated during the pandemic will have depleted by the end of this quarter, the group cautioned that virus cases in India, Brazil and Japan may have a negative impact on economic growth.
Weekend driving in U S , China pave way for gasoline market trust.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from trust.org Daily Mail and Mail on Sunday newspapers.
India’s Covid Crisis Saps Fuel Demand in Warning to Oil Recovery
Bloomberg 1 hr ago Debjit Chakraborty and Saket Sundria
(Bloomberg) India’s deadly second Covid-19 wave has brought an abrupt halt to its nascent recovery from the pandemic, with the resurgence expected to drag on fuel demand for weeks in a setback for the global oil market.
The combined consumption of diesel and gasoline in April is poised to plunge by as much as 20% from a month earlier due to renewed restrictions, including a week-long lockdown in the capital New Delhi, according to officials from top refiners and fuel retailers. While major oil processors were still buying crude recently, there are signs starting to emerge that refining operations will likely need to be scaled back to adjust for plummeting demand.
Oil Demand to Buckle in India rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.