• Home
  • Contact Us
  • Privacy & Policy
Wednesday, May 25, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Commodities

Oil drops on concerns of European Covid-19 issues to crimp demand

by admin
April 3, 2021
in Commodities
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Oil prices fell 1% on Tuesday on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in fuel demand and as producers cut prices, indicating ample oil supply.

U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 0149GMT. The April contract expired on Monday at $61.55, up 13 cents from Friday, after plunging more than 6% last week.

Brent crude futures for May dropped by 68 cents, or1.1% to $63.94, erasing a 9 cent gain in the previous session.

“(The declines) are to do with vaccine roll out issues and lockdowns in Europe,” said Lachlan Shaw, National Australia Bank’s head of commodity research.

Germany, Europe’s biggest oil consumer, is expected to extend restrictions on shopping and travel into April to contain a third wave of Covid-19 infections, which has led economists to cut their growth forecasts.

Extended lockdowns are being driven by the threat of a third wave of infections, with a new variant of the virus on the continent.

“This is heightening fears that the pessimistic forecasts from both the International Energy Agency and the EIA (Energy Information Administration) recently could eventuate,” ANZ Research said in a note.

The Paris-based IEA last week cut its forecast for crude demand in 2021 by 2.5 million barrels per day, while the EIA forecast global oil supply would surpass demand in the second half of 2021.

Physical crude markets are indicating that demand is lower much more than the futures market.

Nigeria, Africa’s biggest oil producer, on Monday cut its official selling prices for April-loading cargoes, suggesting that suppliers are trying to encourage sales. Angola, the continent’s second-biggest producer and a key supplier to China,still has some April cargoes that remain unsold, indicating alack of interest from Chinese refiners.

“Physical prices have been weaker than futures have been suggesting for several weeks now,” Shaw said.

U.S. crude stockpile data from the American Petroleum Institute will be released later on Tuesday. Analysts estimate U.S. crude inventories fell by about 900,000 barrels in the week to March 19 while refinery utilisation rose by 3.2 percentage points, according to a Reuters poll.

Inventory data from the EIA, considered more definitive,will be released on Wednesday.

Tags: ConcernsCovid19crimpcrude oildemanddropsEuropeanissuesoilprices
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

Try these gas-saving tips before hitting the road this Memorial Day weekend

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

Try these gas-saving tips before hitting the road this Memorial Day weekend

May 25, 2022
What are Forex Signals and Why are They Important To Traders? – The Southern Maryland Chronicle

What are Forex Signals and Why are They Important To Traders? – The Southern Maryland Chronicle

May 25, 2022

Global stocks stabilize after tech sell-off, but investor focus remains on darkening economic backdrop

May 25, 2022

What Impact Will a Bear-Market Merge Have on Ethereum?

May 25, 2022

Recent News

Try these gas-saving tips before hitting the road this Memorial Day weekend

May 25, 2022
What are Forex Signals and Why are They Important To Traders? – The Southern Maryland Chronicle

What are Forex Signals and Why are They Important To Traders? – The Southern Maryland Chronicle

May 25, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.