{"id":4351,"date":"2021-02-12T15:30:02","date_gmt":"2021-02-12T15:30:02","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=4351"},"modified":"2021-02-12T15:30:02","modified_gmt":"2021-02-12T15:30:02","slug":"oil-retreats-further-as-demand-fears-set-in","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/12\/oil-retreats-further-as-demand-fears-set-in\/","title":{"rendered":"Oil retreats further as demand fears set in"},"content":{"rendered":"<p>Oil prices dropped for a second day on Friday, pulling further back from a one-year high after Organisation of the Petroleum Exporting Countries (OPEC) again lowered its demand forecast and the International Energy Agency said the market remains oversupplied.<\/p>\n<p>Brent crude was down $0.34, or 0.6%, at $60.80 a barrel by 1051 GMT, having dropped 0.5% in the previous session. US oil was down $0.39, or 0.7%, at $57.85 after falling 0.8% on Thursday.<\/p>\n<p>Both contracts were still on course for weekly gains, however.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4353\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-retreats-further-as-demand-fears-set-in-rapid-news-rapidnews-dailyrapid-dailyrapidnews.jpg\" alt=\"Oil-retreats-further-as-demand-fears-set-in-rapid-news-rapidnews-dailyrapid-dailyrapidnews\" width=\"800\" height=\"460\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-retreats-further-as-demand-fears-set-in-rapid-news-rapidnews-dailyrapid-dailyrapidnews.jpg 800w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-retreats-further-as-demand-fears-set-in-rapid-news-rapidnews-dailyrapid-dailyrapidnews-300x173.jpg 300w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-retreats-further-as-demand-fears-set-in-rapid-news-rapidnews-dailyrapid-dailyrapidnews-768x442.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>Oil closed on Wednesday at its highest since January 2020 after coming close to a record-setting run of consecutive daily gains.<\/p>\n<p>Prices have risen in recent weeks partly owing to oil production cuts by OPEC and other producers in the group known as OPEC+.<\/p>\n<p>This week, however, OPEC said it expects global oil demand to recover more slowly than thought in 2021, trimming its forecast by 110,000 barrels per day (bpd) to 5.79 million bpd.<\/p>\n<p>The International Energy Agency (IEA) said that oil supply was still outstripping global demand, though Covid-19 vaccines are expected to support demand recovery.<\/p>\n<p>\u201cThe [IEA] report paints a more pessimistic picture than market participants have presumably been envisaging given the current high prices,\u201d Commerzbank said.<\/p>\n<p>Demand data from the world\u2019s biggest oil importer also paints a bleak picture. The number of people who travelled in China ahead of Lunar New Year holidays plummeted by 70% from two years ago as coronavirus restrictions curbed the world\u2019s largest annual domestic migration, official data showed.<\/p>\n<p>ABN Amro revised its 2021 Brent oil prices forecast slightly higher to $55 a barrel but warned of demand headwinds.<\/p>\n<p>\u201cThe biggest recovery in demand will have to come from the aviation sector,\u201d the bank said. \u201cEspecially for aviation, we do not yet see a major recovery this year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dropped for a second day on Friday, pulling further back from a one-year<\/p>\n","protected":false},"author":1,"featured_media":4352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-4351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil retreats further as demand fears set in | Rapid News<\/title>\n<meta name=\"description\" content=\"Oil prices dropped for a second day on Friday, pulling further back from a one-year high after Organisation of the Petroleum Exporting\" \/>\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\/02\/12\/oil-retreats-further-as-demand-fears-set-in\/\" \/>\n<meta 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href=\"https:\/\/dailyrapidnews.com\/eng\/category\/business\/\" rel=\"category tag\">Business<\/a>","tag_info":"Business","comment_count":"0","jetpack-related-posts":[{"id":5424,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/26\/oil-drops-on-dollar-strength-opec-supply-expectations\/","url_meta":{"origin":4351,"position":0},"title":"Oil drops on dollar strength, OPEC+ supply expectations","date":"February 26, 2021","format":false,"excerpt":"Oil prices fell on Friday as bond price rout led to gains in the US dollar while crude supply is expected to rise in response to prices climbing above pre-pandemic levels. Brent crude futures for April, which expire on Friday, fell $0.99, or 1.4%, to $65.89 a barrel by 1203\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-drops-on-dollar-strength-OPEC-supply-expectations-rapid-news-rapidnews-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7906,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/01\/opec-to-decide-on-oil-production-policy-as-demand-concerns-persist\/","url_meta":{"origin":4351,"position":1},"title":"OPEC+ to decide on oil production policy as demand concerns persist","date":"April 1, 2021","format":false,"excerpt":"A group consisting of some of the world\u2019s most powerful oil producers on Thursday will meet to decide on the next phase of output policy. OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, are scheduled to hold a virtual meeting from 1 p.m. London time. The OPEC+\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"OPEC-to-decide-on-oil-production-policy-as-demand-concerns-persist-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/04\/OPEC-to-decide-on-oil-production-policy-as-demand-concerns-persist-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":3464,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/01\/oil-prices-gain-as-inventories-fall-demand-picks-up\/","url_meta":{"origin":4351,"position":2},"title":"Oil prices gain as inventories fall, demand picks up","date":"February 1, 2021","format":false,"excerpt":"Oil prices rose on Monday buoyed by falling inventories and hopes of a swifter global economic recovery, although halting vaccine rollouts and renewed travel restrictions capped gains. 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 &quot;Business&quot;","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":6407,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/12\/oil-steady-near-70-on-hopes-of-demand-recovery\/","url_meta":{"origin":4351,"position":3},"title":"Oil steady near $70 on hopes of demand recovery","date":"March 12, 2021","format":false,"excerpt":"Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year. Benchmark Brent fell $0.14, or 0.2%, to $69.49 a barrel by 1321 GMT while US West Texas Intermediate crude was at\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-steady-near-$70-on-hopes-of-demand-recovery-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-near-70-on-hopes-of-demand-recovery-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":5954,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/05\/oil-hits-almost-14-month-high-as-opec-extends-output-cuts\/","url_meta":{"origin":4351,"position":4},"title":"Oil hits almost 14-month high as OPEC+ extends output cuts","date":"March 5, 2021","format":false,"excerpt":"Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Brent crude futures were up $1.52, or\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-hits-almost-14-month-high-as-Opec-extends-output-cuts-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-hits-almost-14-month-high-as-Opec-extends-output-cuts-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7324,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/25\/oil-falls-as-demand-concerns-outweigh-suez-canal-disruptions\/","url_meta":{"origin":4351,"position":5},"title":"Oil falls as demand concerns outweigh Suez Canal disruptions","date":"March 25, 2021","format":false,"excerpt":"Oil prices fell on Thursday as a new round of coronavirus restrictions in Europe revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent crude slid $0.62, or 1%, to $63.79 a barrel\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-falls-as-demand-concerns-outweigh-Suez-Canal-disruptions-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-falls-as-demand-concerns-outweigh-Suez-Canal-disruptions-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/4351","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=4351"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/4351\/revisions"}],"predecessor-version":[{"id":4354,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/4351\/revisions\/4354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/4352"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=4351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=4351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=4351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}