Oil fell on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer, while the end of a force majeure on exports from a Libyan terminal and an expected supply increase from OPEC+ added to pressure
Oil rose to $67 a barrel and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies
Goldman Sachs expects OPEC + to keep its oil production unchanged for May, when the group meets next week, and to continue making “still the big rise of 3.4 million barrels per day that is expected. for September”
Activity and spending in U.S. oil fields is soaring this year as the industry recovers from last year’s pandemic-driven oil price crash, according to cautiously optimistic energy company executives polled by the Federal Reserve Bank of Dallas in a survey
Oil rose more than 2% after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains
Oil prices rose on a weaker dollar as fears of rising US inflation eased while a steep fall in US fuel stocks meant a crude glut would be short-lived as refiners restart in Texas after last month’s freeze
Russian Foreign Minister Sergei Lavrov said that OPEC+ oil producers would try to ensure there are no sharp oil price swings and that the current price more or less reflected the balance between producers and consumers
The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously
Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency said
Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic
