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2021-04-26
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Oil Edges Lower Near $62 With Investors Assessing Demand Outlook
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While the U.S. andChinaare recovering strongly from the pandemic, the market is facing near-term headwinds from a Covid-19 flare-up inIndia. That could pose a problem for the OPEC+ alliance, which has agreed to start adding more crude supply from May.</p>\n<p>Signs of strain on India’s refiners are starting to emerge. Mangalore Refinery & Petrochemicals Ltd. has cut processing rates, while Indian Oil Corp. has so far failed to issue an expected tender to purchase West African crude.</p>\n<p><img src=\"https://static.tigerbbs.com/502e762a69a634306d2900c3120ced22\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Oil’s robust start to the year faltered in mid-March as some regions started to see avirus resurgence, although prices are still up almost 30% in 2021. Despite additional barrels set to hit the market next month, global benchmark Brent is firming in a bullish backwardation structure, signaling little concern about fresh supply. OPEC+ is scheduled to hold its meeting on Wednesday.</p>\n<p>Another wildcard is the prospect of more crude flows from Iran as the nation seeks to revive a nuclear deal and free itself of U.S. sanctions, but talks are ongoing and progress on a solution remains uncertain.</p>\n<p>The prompt timespread for Brent was 68 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 40 cents at the start of April.</p>\n<p>There are signs of a broader recovery, despite the challenges presented by the Indian crisis. The chief executive officer of top oilfield contractor Schlumberger forecast global oil demand should return to pre-pandemic levels by the end of next year, if not sooner, while China’s economy continued to boom in April from the record growth in the first quarter.</p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Edges Lower Near $62 With Investors Assessing Demand Outlook</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Edges Lower Near $62 With Investors Assessing Demand Outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 08:13 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-04-25/oil-holds-gains-near-62-with-investors-assessing-demand-outlook?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Global market facing uneven recovery amid rising India cases\nWTI crude futures decline 0.2% after climbing 1.2% on Friday\n\nOil edged lower in early Asian trading as investors assessed the outlook for ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-04-25/oil-holds-gains-near-62-with-investors-assessing-demand-outlook?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-04-25/oil-holds-gains-near-62-with-investors-assessing-demand-outlook?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115878889","content_text":"Global market facing uneven recovery amid rising India cases\nWTI crude futures decline 0.2% after climbing 1.2% on Friday\n\nOil edged lower in early Asian trading as investors assessed the outlook for demand ahead of a key OPEC+ meeting later this week.\nFutures in New York traded near $62 a barrel after advancing 1.2% on Friday, the most in more than a week. While the U.S. andChinaare recovering strongly from the pandemic, the market is facing near-term headwinds from a Covid-19 flare-up inIndia. That could pose a problem for the OPEC+ alliance, which has agreed to start adding more crude supply from May.\nSigns of strain on India’s refiners are starting to emerge. Mangalore Refinery & Petrochemicals Ltd. has cut processing rates, while Indian Oil Corp. has so far failed to issue an expected tender to purchase West African crude.\n\nOil’s robust start to the year faltered in mid-March as some regions started to see avirus resurgence, although prices are still up almost 30% in 2021. Despite additional barrels set to hit the market next month, global benchmark Brent is firming in a bullish backwardation structure, signaling little concern about fresh supply. OPEC+ is scheduled to hold its meeting on Wednesday.\nAnother wildcard is the prospect of more crude flows from Iran as the nation seeks to revive a nuclear deal and free itself of U.S. sanctions, but talks are ongoing and progress on a solution remains uncertain.\nThe prompt timespread for Brent was 68 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 40 cents at the start of April.\nThere are signs of a broader recovery, despite the challenges presented by the Indian crisis. The chief executive officer of top oilfield contractor Schlumberger forecast global oil demand should return to pre-pandemic levels by the end of next year, if not sooner, while China’s economy continued to boom in April from the record growth in the first quarter.","news_type":1,"symbols_score_info":{"BZmain":0.9,"CLmain":0.9}},"isVote":1,"tweetType":1,"viewCount":506,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/375783291"}
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