{"id":6921,"date":"2021-03-19T14:44:47","date_gmt":"2021-03-19T14:44:47","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=6921"},"modified":"2021-03-19T14:44:47","modified_gmt":"2021-03-19T14:44:47","slug":"oil-steady-after-sell-off-driven-by-demand-fears","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/19\/oil-steady-after-sell-off-driven-by-demand-fears\/","title":{"rendered":"Oil steady after sell-off driven by demand fears"},"content":{"rendered":"<p>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.<\/p>\n<p>Brent crude was up $0.02 at $63.30 a barrel by 1211 GMT. US West Texas Intermediate (WTI) crude rose $0.15, or 0.3%, to $60.15. Both traded within a wide range of more than $2 a barrel on Friday.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6923\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews.jpg\" alt=\"Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews\" width=\"1024\" height=\"768\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews.jpg 1024w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews-300x225.jpg 300w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-steady-after-sell-off-driven-by-demand-fears-rapidnews-768x576.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Oil closed about 7% down on Thursday as several large European economies re-imposed lockdowns and vaccination programmes were slowed by distribution issues and concerns over potential side effects.<\/p>\n<p>Although Germany, France and other countries have announced the resumption of inoculations after regulators declared the AstraZeneca vaccine safe, the programme halt has made it harder to overcome resistance to vaccines among some of the population.<\/p>\n<p>Britain also announced it would have to slow its Covid-19 vaccine rollout next month because of a supply delay.<\/p>\n<p>\u201cConcerns are rapidly growing of a mobility-depressing third wave in Europe amid a pause in vaccinations and rapid spread of the B117 mutation that originated in the UK,\u201d JP Morgan said.<\/p>\n<p>The bank still sees Brent averaging above $70 a barrel in the fourth quarter, however.<\/p>\n<p>Goldman Sachs said headwinds related to European Union demand and Iran supply would slow the oil market rebalancing by 750,000 barrels per day (bpd) in the second quarter, though it expects the OPEC+ grouping of the Organisation of the Petroleum Exporting Countries and allies to take action to offset that.<\/p>\n<p>Iran has moved record amounts of crude oil to top client China in recent months while India\u2019s state refiners have added Iranian oil to their annual import plans on the assumption that US sanctions on the OPEC supplier will soon ease.<\/p>\n<p>Goldman expects a significant increase in global oil demand in the coming months, with its Brent forecast rising to $80 a barrel this summer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices steadied in a choppy trading session on Friday after a big sell-off the<\/p>\n","protected":false},"author":1,"featured_media":6922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-6921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- 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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":2559,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/25\/oil-prices-edge-lower-as-covid-19-lockdown-concerns-overshadow-demand-prospects\/","url_meta":{"origin":6921,"position":0},"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 &quot;Business&quot;","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":4589,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/15\/oil-hits-13-months-highs-on-fears-of-middle-east-tensions\/","url_meta":{"origin":6921,"position":1},"title":"Oil hits 13-months highs on fears of Middle East tensions","date":"February 15, 2021","format":false,"excerpt":"Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a US stimulus and an easing of lockdowns will buoy fuel demand provided support. Brent crude was up $1.09, or 1.8 per cent,\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-hits-13-months-highs-on-fears-of-Middle-East-tensions-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-hits-13-months-highs-on-fears-of-Middle-East-tensions-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7409,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/26\/oil-prices-rise-on-fears-suez-blockage-may-last-weeks\/","url_meta":{"origin":6921,"position":2},"title":"Oil prices rise on fears Suez blockage may last weeks","date":"March 26, 2021","format":false,"excerpt":"Oil prices were up about 2% on Friday, rebounding on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products. Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-prices-rise-on-fears-Suez-blockage-may-last-weeks-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-prices-rise-on-fears-Suez-blockage-may-last-weeks-rapidnews.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":6921,"position":3},"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. Brent crude was up $0.36, or 0.5%, at $65.60 a barrel\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"crude-oil-Oil-rises-on-positive-economic-forecasts-slow-US-output-restart-rapid-news-rapidnews-dailyrapid-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/crude-oil-Oil-rises-on-positive-economic-forecasts-slow-US-output-restart-rapid-news-rapidnews-dailyrapid-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7767,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/29\/oil-falls-on-hopes-suez-canal-blockage-may-end-soon\/","url_meta":{"origin":6921,"position":4},"title":"Oil falls on hopes Suez Canal blockage may end soon","date":"March 29, 2021","format":false,"excerpt":"Oil fell on Monday as a container ship blocking Suez Canal for nearly a week was partially refloated, raising hopes the busy waterway would soon be reopened and as fuel demand in Europe stayed weak. Brent oil was down $0.29, or 0.5%, at $64.28 a barrel by 0854 GMT. US\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-falls-on-hopes-Suez-Canal-blockage-may-end-soon-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-falls-on-hopes-Suez-Canal-blockage-may-end-soon-rapidnews-e1617029163980.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":11642,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/31\/oil-trades-near-70-a-barrel-on-improving-demand-outlook\/","url_meta":{"origin":6921,"position":5},"title":"Oil trades near $70 a barrel on improving demand outlook","date":"May 31, 2021","format":false,"excerpt":"LONDON: Oil prices firmed on Monday, with Brent trading near $70 a barrel, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week to see how producers will respond. Brent crude futures rose $0.69, or 1%, to\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-trades-near-$70-a-barrel-on-improving-demand-outlook-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/Oil-trades-near-70-a-barrel-on-improving-demand-outlook-rapidnews-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/6921","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=6921"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/6921\/revisions"}],"predecessor-version":[{"id":6924,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/6921\/revisions\/6924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/6922"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=6921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=6921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=6921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}