{"id":6407,"date":"2021-03-12T16:43:08","date_gmt":"2021-03-12T16:43:08","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=6407"},"modified":"2021-03-12T16:43:08","modified_gmt":"2021-03-12T16:43:08","slug":"oil-steady-near-70-on-hopes-of-demand-recovery","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/12\/oil-steady-near-70-on-hopes-of-demand-recovery\/","title":{"rendered":"Oil steady near $70 on hopes of demand recovery"},"content":{"rendered":"<p>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.<\/p>\n<p>Benchmark Brent fell $0.14, or 0.2%, to $69.49 a barrel by 1321 GMT while US West Texas Intermediate crude was at $65.90 a barrel, down $0.12, or 0.01%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6409\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-near-70-on-hopes-of-demand-recovery-rapidnews.jpg\" alt=\"Oil-steady-near-$70-on-hopes-of-demand-recovery-rapidnews\" width=\"1024\" height=\"768\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-near-70-on-hopes-of-demand-recovery-rapidnews.jpg 1024w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-near-70-on-hopes-of-demand-recovery-rapidnews-300x225.jpg 300w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-near-70-on-hopes-of-demand-recovery-rapidnews-768x576.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Brent is on track to end the week flat after prices touched a 13-month high on Monday, following seven straight weeks of gains.<\/p>\n<p>The Organisation of the Petroleum Exporting Countries (OPEC) forecast a stronger oil demand recovery this year, weighted to the second half. OPEC, Russia and its allies decided last week to maintain output curbs almost unchanged.<\/p>\n<p>\u201cThe stronger-than-expected rebound in the second half of this year implies that the global economy and hence oil demand outlook is close to shaking off its Covid woes,\u201d PVM analysts said.<\/p>\n<p>RBC Capital analysts said the fundamentals for summer gasoline were the most bullish in nearly a decade.<\/p>\n<p>The United States, the world\u2019s largest oil consumer, saw a big draw on US gasoline stocks last week as the winter storm in Texas disrupted refining output.<\/p>\n<p>Sustained higher oil prices are expected to encourage US producers to increase output, which could eventually weigh on prices, JP Morgan analysts wrote.<\/p>\n<p>JP Morgan expects US oil output to average 11.36 million bpd this year compared with 11.32 million bpd in 2020. Commerzbank expects oil to ease to about $60 during 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil<\/p>\n","protected":false},"author":1,"featured_media":6408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-6407","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 steady near $70 on hopes of demand recovery | Rapid News<\/title>\n<meta name=\"description\" content=\"Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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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":4351,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/12\/oil-retreats-further-as-demand-fears-set-in\/","url_meta":{"origin":6407,"position":0},"title":"Oil retreats further as demand fears set in","date":"February 12, 2021","format":false,"excerpt":"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. 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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":5954,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/05\/oil-hits-almost-14-month-high-as-opec-extends-output-cuts\/","url_meta":{"origin":6407,"position":3},"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":6653,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/15\/oil-reaching-70-as-china-energy-demand-outlook-brightens\/","url_meta":{"origin":6407,"position":4},"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 &quot;Business&quot;","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":[]},{"id":6921,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/19\/oil-steady-after-sell-off-driven-by-demand-fears\/","url_meta":{"origin":6407,"position":5},"title":"Oil steady after sell-off driven by demand fears","date":"March 19, 2021","format":false,"excerpt":"Oil prices steadied in a choppy trading session on Friday after a big sell-off the previous day as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand. Brent crude was up $0.02 at $63.30 a barrel by 1211\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/6407","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=6407"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/6407\/revisions"}],"predecessor-version":[{"id":6410,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/6407\/revisions\/6410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/6408"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=6407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=6407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=6407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}