{"id":5211,"date":"2021-02-23T15:54:02","date_gmt":"2021-02-23T15:54:02","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=5211"},"modified":"2021-02-23T15:54:02","modified_gmt":"2021-02-23T15:54:02","slug":"oil-rises-on-positive-economic-forecasts-slow-us-output-restart","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/23\/oil-rises-on-positive-economic-forecasts-slow-us-output-restart\/","title":{"rendered":"Oil rises on positive economic forecasts, slow US output restart"},"content":{"rendered":"

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.<\/p>\n

Brent crude was up $0.36, or 0.5%, at $65.60 a barrel by 1212 GMT and US crude rose $0.39, or 0.6%, to $62.09 a barrel. Both contracts rose more than $1 earlier in the session.<\/p>\n

\u201cVaccine news is helping oil, as the likely removal of mobility restrictions over the coming months on the back of vaccine rollouts should further boost the oil demand and price recovery,\u201d said UBS oil analyst Giovanni Staunovo.<\/p>\n

\"Oil-rises-on-positive-economic-forecasts-slow-US-output-restart-rapid-news-rapidnews-dailyrapid\"<\/p>\n

Commerzbank analyst Eugen Weinberg said optimistic oil price forecasts issued by leading US brokers also contributed to the latest upswing in prices.<\/p>\n

Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from $60 it predicted previously, and $75 in the third quarter from the earlier $65 forecast.<\/p>\n

Morgan Stanley expects Brent crude to climb to $70 in the third quarter.<\/p>\n

\u201cNew Covid-19 cases are falling fast globally, mobility statistics are bottoming out and are starting to improve, and in non-OECD countries, refineries are already running as hard as before Covid-19,\u201d Morgan Stanley said in a note.<\/p>\n

Bank of America said Brent prices could temporarily spike to $70 per barrel in the second quarter.<\/p>\n

Disruptions in Texas caused by last week\u2019s winter storm also supported oil prices. Some US shale producers forecast lower oil output in the first quarter.<\/p>\n

Stockpiles of US crude oil and refined products likely declined last week, a preliminary Reuters\u2019 poll showed on Monday.<\/p>\n

A weaker dollar also provided some support to oil as crude prices tend to move inversely to the US currency.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices rose on Tuesday, underpinned by the likely easing of Covid-19 lockdowns around the<\/p>\n","protected":false},"author":1,"featured_media":5213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-5211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nOil rises on positive economic forecasts, slow US output restart<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Tuesday, underpinned by the likely easing of Covid-19 lockdowns around the world, positive economic forecasts\" \/>\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\/23\/oil-rises-on-positive-economic-forecasts-slow-us-output-restart\/\" \/>\n<meta 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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":10671,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/12\/oil-climbs-on-demand-outlook-as-market-awaits-fresh-cues\/","url_meta":{"origin":5211,"position":1},"title":"Oil climbs on demand outlook as market awaits fresh cues","date":"May 12, 2021","format":false,"excerpt":"LONDON: Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat forecasts for energy demand supported by vaccinations against Covid-19 although waves of infections in India and Brazil curbed gains. Brent crude climbed $0.34, or 0.5% to $68.89 a barrel at 0951 GMT. West Texas Intermediate\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-climbs-on-demand-outlook-as-market-awaits-fresh-cues-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/Oil-climbs-on-demand-outlook-as-market-awaits-fresh-cues-rapidnews.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":5211,"position":2},"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 "Business"","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":5656,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/01\/oil-jumps-on-vaccine-optimism-us-stimulus\/","url_meta":{"origin":5211,"position":3},"title":"Oil jumps on vaccine optimism, US stimulus","date":"March 1, 2021","format":false,"excerpt":"Oil prices rose on Monday, supported by optimism about Covid-19 vaccinations, a US stimulus package and growing factory activity in Europe despite coronavirus restrictions. 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Brent crude fell $0.5, or 0.74%, to $67.50 a barrel by 1150 GMT after dropping 0.82%\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-falls-as-inventories-rise-vaccine-rollout-stalls-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-falls-as-inventories-rise-vaccine-rollout-stalls-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6653,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/15\/oil-reaching-70-as-china-energy-demand-outlook-brightens\/","url_meta":{"origin":5211,"position":5},"title":"Oil reaching $70 as China energy demand outlook brightens","date":"March 15, 2021","format":false,"excerpt":"Oil prices stood steady on Monday, with Brent reaching $70 a barrel, as data showed China\u2019s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world\u2019s largest oil importer. 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\/5211","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=5211"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/5211\/revisions"}],"predecessor-version":[{"id":5214,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/5211\/revisions\/5214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/5213"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=5211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=5211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=5211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}