سیاسة

rss

كوردســتانيات

أمـن

مجتـمع

اقتصـاد

عربي ودولي

القسم الفيلي

ريـاضة

منوعـات

فيديو

تقارير وتحليلات

مقـالات

كل الاخبار

Oil extends rally with Brent nearing $70 after stockpiles drop

Category: Economy

Date: 2021-05-05T06:46:32+0000
Oil extends rally with Brent nearing $70 after stockpiles drop

Shafaq News/ Oil extended a rally after US stockpiles fell and investors applauded reopening drives in the US and Europe that will aid demand.

Brent crude futures climbed to $69.39 a barrel, up 2.29 percent by 05:32 p.m. ET. (2040 GMT)

U.S. West Texas Intermediate (WTI) crude futures rose by 2.65%, to settle at $66.19.

The American Petroleum Institute reported crude supplies fell by 7.69 million barrels last week, according to people familiar with the data. If confirmed by government figures on Wednesday that would be the largest drop since late January. The API report also showed lower gasoline and distillate inventories.

Aiding the outlook for improved oil consumption, the U.S. is setting a new target of 70% of U.S. adults receiving at least one Covid-19 vaccine shot by July 4, while British Prime Minister Boris Johnson said his country's lockdown rules are will be scrapped in seven weeks. That's offsetting concerns about weaker demand in parts of virus-hit Asia, including key importer India.

U.S. futures have soared by more than a third this year, part of a broad rally across raw materials that's driven the Bloomberg Commodity Spot Index to the highest level in almost a decade. Investors are betting that rising vaccine-aided demand and greater mobility in key economies will drain crude stockpiles and support higher prices. That's meant oil has extended gains in recent weeks even amid the serious virus flare-ups in Asia.

"The rally has some momentum behind it," said Daniel Hynes, senior commodities strategist at Australia and New Zealand Banking Group Ltd., adding that crude is a big part of the very strong investor appetite being seen for commodities. "The recovery was always going to be uneven and we are now starting to see more positive factors align, which is stoking hopes for an even stronger pickup in demand in the medium term."

While the U.S. and Europe are charting a course for reopening, the Covid-19 crisis in India may yet worsen, with some research models projecting the death toll could more than double. The nation's oil imports may tumble by more than 1 million barrels a day to 3.1 million in the coming weeks, according to Kpler.

Still, Brent's pricing patterns reflect the overall bullishness, with near-term contracts above those further out. The prompt time spread was 46 cents a barrel in backwardation compared with 32 cents a month ago. In addition, the December 2021 contract was $4.00 more costly than the same month in 2022.

Source: Bloomberg, oil prices updated by Shafaq News Agency

related

Oil jumps as storm approaches Gulf of Mexico production hub

Date: 2021-08-27 07:31:35
Oil jumps as storm approaches Gulf of Mexico production hub

Oil rises after Aramco raises crude selling price

Date: 2021-11-08 06:20:48
Oil rises after Aramco raises crude selling price

Oil edges up as rising demand faces Iran supply worries

Date: 2021-05-26 06:18:41
Oil edges up as rising demand faces Iran supply worries

Iraq sends 33 gas oil tankers to Lebanon

Date: 2020-08-17 19:47:28
Iraq sends 33 gas oil tankers to Lebanon

Iraq to build oil depots in Pakistan and China

Date: 2021-02-14 08:43:05
Iraq to build oil depots in Pakistan and China

Iraq to commit 100% by OPEC+ agreement

Date: 2020-08-06 07:23:43
Iraq to commit 100% by OPEC+ agreement

Oil steadies after slumping on COVID-19 fears, OPEC+ deal

Date: 2021-07-20 06:18:09
Oil steadies after slumping on COVID-19 fears, OPEC+ deal

Oil drops for 2nd session on unexpected rise in U.S. inventories

Date: 2021-10-07 06:29:41
Oil drops for 2nd session on unexpected rise in U.S. inventories