{"id":10783,"date":"2021-05-17T13:44:07","date_gmt":"2021-05-17T13:44:07","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=10783"},"modified":"2021-05-17T13:44:07","modified_gmt":"2021-05-17T13:44:07","slug":"oil-prices-stable-as-recovery-confidence-holds-up","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/17\/oil-prices-stable-as-recovery-confidence-holds-up\/","title":{"rendered":"Oil prices stable as recovery confidence holds up"},"content":{"rendered":"

LONDON: <\/strong>Oil prices held firm on Monday, trading in a tight range as European economic reopenings offset gloom from surging Covid-19 cases in Asia, fresh restrictions and underwhelming Chinese manufacturing data.<\/p>\n

Brent crude rose $0.03, or less than 0.1%, to $68.74 a barrel at 1013 GMT, and West Texas Intermediate (WTI) US crude was up by $0.04, or 0.1%, at $65.41.<\/p>\n

\"Oil-prices-stable-as-recovery-confidence-holds-up-rapidnews\"<\/p>\n

Both contracts have risen more than 30% since the start of the year.<\/p>\n

“The fact that prices remained relatively stable during this rather turbulent five-day period indicates that the confidence in a healthy oil market remains intact and unless something unpredictably negative occurs, any downside potential will be limited,” PVM Oil analyst Tamas Varga said.<\/p>\n

The British economy reopened on Monday, giving 65 million people a measure of freedom after the gloom of a four-month Covid-19 lockdown.<\/p>\n

With accelerating vaccination rates, France and Spain have eased Covid-related restrictions in recent weeks, and Portugal and the Netherlands eased on Saturday travel restrictions as the summer holiday season approached.<\/p>\n

The promise of strong economic growth has kept oil prices high in recent weeks, although the pace of inflation has kept many investors concerned about the possible rise of interest rates and fall of consumer spending.<\/p>\n

Investors also remained cautious on worries that the highly transmissible coronavirus variant first detected in India is spreading to other countries.<\/p>\n

Some Indian states said on Sunday they would extend Covid-19 lockdowns to help contain the pandemic, which has killed more than 270,000 people in the country.<\/p>\n

Domestic sales of gasoline and diesel by Indian state refiners plunged by a fifth in the first half of May from a month earlier.<\/p>\n

Singapore is preparing to close schools this week, meanwhile Japan has declared a state of emergency in three more prefectures to contain outbreaks.<\/p>\n

Disappointing economic data from China also added to pressure.<\/p>\n

China’s factories slowed their output growth in April and retail sales significantly missed expectations as officials warned of new problems affecting the recovery in the world’s second-largest economy.<\/p>\n

China’s crude oil throughput rose 7.5% in April from the same month a year ago, but remained off the peak seen in the last quarter of 2020.<\/p>\n

“With growing concerns over the spreading pandemic in Asia, Brent prices are expected to stay in a trading range this week,” said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.<\/p>\n

On the US East Coast gasoline shortages that have plagued eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline’s 5,500-mile (8,900-km) system recovered from a crippling cyberattack.<\/p>\n

US energy firms added oil and natural gas rigs for a third week in a row as higher crude prices prompt some drillers to return to the wellpad, energy services firm Baker Hughes Co said on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON: Oil prices held firm on Monday, trading in a tight range as European economic<\/p>\n","protected":false},"author":1,"featured_media":10785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-10783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nOil prices stable as recovery confidence holds up | Rapid News<\/title>\n<meta name=\"description\" content=\"Oil prices held firm on Monday, trading in a tight range as European economic reopenings offset gloom from surging Covid-19 cases in Asia\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/17\/oil-prices-stable-as-recovery-confidence-holds-up\/\" \/>\n<meta property=\"og:locale\" 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Brent crude was up $0.79, or 1.4%, at $55.83 a barrel by 1215 GMT. US crude gained $0.61, or 1.2%, to $52.81. Both\u2026","rel":"","context":"In "Business"","img":{"alt_text":"rapid-news-rapidnews-Oil-prices-gain-as-inventories-fall-demand-picks-up","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/rapid-news-rapidnews-Oil-prices-gain-as-inventories-fall-demand-picks-up.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2559,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/25\/oil-prices-edge-lower-as-covid-19-lockdown-concerns-overshadow-demand-prospects\/","url_meta":{"origin":10783,"position":1},"title":"Oil prices edge lower as Covid-19 lockdown concerns overshadow demand prospects","date":"January 25, 2021","format":false,"excerpt":"Oil prices slipped for a second straight session on Monday as renewed Covid-19 lockdowns raised fresh concerns about global fuel demand. Brent crude futures for March fell 8 cents, or 0.1%, to $55.38 a barrel by 0717 GMT, while US\u00a0West Texas Intermediate crude for March was at $52.26 a barrel,\u2026","rel":"","context":"In "Business"","img":{"alt_text":"rapid-news-rapidnews-Oil-prices-edge-lower-as-Covid-19-lockdown-concerns-overshadow-demand-prospects","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-prices-edge-lower-as-Covid-19-lockdown-concerns-overshadow-demand-prospects.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":10246,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/06\/oil-prices-slip-despite-big-us-inventory-fall\/","url_meta":{"origin":10783,"position":2},"title":"Oil prices slip despite big US inventory fall","date":"May 6, 2021","format":false,"excerpt":"LONDON: Oil prices slipped after earlier gains on Thursday, weighed by rising Covid-19 infections in India and elsewhere, and despite a much sharper-than-expected fall in US crude inventories. Brent crude oil futures fell by $0.28, or 0.4%, to $68.68 a barrel by 0939 GMT, and West Texas Intermediate (WTI) US\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-prices-slip-despite-big-US-inventory-fall-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/Oil-prices-slip-despite-big-US-inventory-fall-rapidnews-dailyrapid-e1620322428651.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1875,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/18\/oil-mixed-as-chinese-data-offsets-coronavirus-fears\/","url_meta":{"origin":10783,"position":3},"title":"Oil mixed as Chinese data offsets coronavirus fears","date":"January 18, 2021","format":false,"excerpt":"Oil prices were mixed on Monday as a better-than-expected quarterly rebound for China\u2019s economy countered fears over soaring Covid-19 cases around the world and tight restrictions that could dent economic growth and fuel consumption. Brent crude was down $0.05, or 0.1%, at $55.05 per barrel by 1131 GMT while the\u2026","rel":"","context":"In "Business"","img":{"alt_text":"rapid-news-rapidnews-Oil-mixed-as-Chinese-data-offsets-coronavirus-fears","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-mixed-as-Chinese-data-offsets-coronavirus-fears.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":5211,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/23\/oil-rises-on-positive-economic-forecasts-slow-us-output-restart\/","url_meta":{"origin":10783,"position":4},"title":"Oil rises on positive economic forecasts, slow US output restart","date":"February 23, 2021","format":false,"excerpt":"Oil prices rose on Tuesday, underpinned by the likely easing of Covid-19 lockdowns around the world, positive economic forecasts and lower output as US supplies were slow to return after a deep freeze in Texas shut down crude production. 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Brent crude futures for May were steady at $69.21, down $0.01 a barrel by 1150\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-reaching-$70-as-China-energy-demand-outlook-brightens-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-reaching-70-as-China-energy-demand-outlook-brightens-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/10783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=10783"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/10783\/revisions"}],"predecessor-version":[{"id":10786,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/10783\/revisions\/10786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/10785"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=10783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=10783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=10783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}