{"id":9364,"date":"2021-04-23T14:59:55","date_gmt":"2021-04-23T14:59:55","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=9364"},"modified":"2021-04-23T14:59:55","modified_gmt":"2021-04-23T14:59:55","slug":"oil-climbs-but-heads-for-weekly-loss-on-global-covid-worries","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/23\/oil-climbs-but-heads-for-weekly-loss-on-global-covid-worries\/","title":{"rendered":"Oil climbs, but heads for weekly loss on global COVID worries"},"content":{"rendered":"
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Oil futures climbed on Friday, but remained on track for weekly declines as worries about a surge in COVID-19 cases in India and Japan, in particular, contribute to concern over the demand outlook.<\/p>\n

The market is waiting to \u201cgrasp what will weigh more heavily on demand, seeing a rise in COVID-19 infections in India and Japan but a demand uptick in the U.S. and Europe,\u201d said Paola Rodriguez-Masiu, vice president of oil markets at Rystad Energy, in a daily note. \u201cIndian and Japanese COVID-19 infection numbers have worried traders during the week and have caused prices to head for a weekly decline.\u201d<\/p>\n

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\"Oil-climbs-but-heads-for-weekly-loss-on-global-COVID-worries-rapidnews\"<\/p>\n

West Texas Intermediate crude for June delivery\u00a0CL00,\u00a01.04%\u00a0CLM21,\u00a01.04%\u00a0rose 82 cents, or 1.3%, to $62.25 a barrel on the New York Mercantile Exchange. June Brent crude\u00a0BRN00,\u00a00.87%\u00a0BRNM21,\u00a00.87%,\u00a0the global benchmark, rose 74 cents, or 1.1%, to $66.14 a barrel on ICE Futures Europe.<\/p>\n

For the week, WTI was on track for a loss of 1.4%, while Brent was off 0.9%. The weaker tone has been tied in large part to a surge in COVID-19 cases in India and and Japan. Prices for both benchmarks, however, trade more than 26% higher year to date.<\/p>\n

India, one of the world\u2019s largest oil importers, saw more than 330,000 cases in a 24-hour period,\u00a0setting a global record for a second day. In Japan, Tokyo is expected to suffer another lockdown shortly.<\/p>\n

India and Japan are the world\u2019s third and fourth largest oil importers respectively, after China and the U.S.<\/p>\n

\u201cThe explosion in Indian COVID cases remains one of the key near-term risks plaguing what we would deem as an otherwise reasonably constructive backdrop for investor sentiment,\u201d said Michael Tran, analyst at RBC Capital Markets, in a note.<\/p>\n

Indian Prime Minister Narendra Modi \u201chas prioritized economic activity and urged states to use lockdowns as a last resort, but curbing consumption inevitably leaves the Asian product market soggy, thus weighing on refinery margins (and perhaps future crude demand), particularly as Chinese gasoline exports are near all-time highs,\u201d Tran wrote.<\/p>\n

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Still, \u201csigns of stronger demand from the West,\u201d said Rodriguez-Masiu, provided some support for prices on Friday.<\/p>\n

Over the past four weeks, U.S. demand for motor gasoline averaged 8.9 million barrels a day, up by 61.5% from the same period last year, and \u201cwe see demand in the country rising following a steep recovery trend as the summer driving season begins,\u201d she said. Over in Europe, April\u2019s Eurozone PMI data came up \u201csurprisingly positive, a sign that demand is ticking up.\u201d<\/p>\n

\u201cThe current market price structure is anticipating what we see in our crude balances \u2014 a tight summer 2021,\u201d said Rodriguez-Masiu.<\/p>\n

If demand recovers this summer, the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, \u201cmight need to ramp up supply far beyond current July 2021 targets,\u201d she said.<\/p>\n

At a meeting in early April, the group decided to gradually raise production from May through July. OPEC+ will hold its next meeting on Wednesday.<\/p>\n

Back on Nymex, May gasoline\u00a0RBK21,\u00a01.00%\u00a0tacked on 1.2% to $2 a gallon, poised for a weekly decline of 1.9%, and May heating oil\u00a0HOK21,\u00a00.77%\u00a0added 1% to $1.88 a gallon, trading 0.8% lower for the week.<\/p>\n

May natural gas\u00a0NGK21,\u00a0-0.25%\u00a0was down less than a penny at $2.74 per million British thermal units, but on track for a weekly rise of 2.4%.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Oil futures climbed on Friday, but remained on track for weekly declines as worries about<\/p>\n","protected":false},"author":1,"featured_media":9365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-9364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nOil climbs, but heads for weekly loss on global COVID worries<\/title>\n<meta name=\"description\" content=\"Oil futures climbed on Friday, but remained on track for weekly declines as worries about a surge in COVID-19 cases in India and Japan\" \/>\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\/04\/23\/oil-climbs-but-heads-for-weekly-loss-on-global-covid-worries\/\" \/>\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":7324,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/25\/oil-falls-as-demand-concerns-outweigh-suez-canal-disruptions\/","url_meta":{"origin":9364,"position":0},"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. 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Brent crude rose $0.03, or less than 0.1%, to $68.74 a barrel at 1013 GMT, and West Texas Intermediate\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-prices-stable-as-recovery-confidence-holds-up-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/Oil-prices-stable-as-recovery-confidence-holds-up-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":14391,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/04\/11\/fears-over-chinas-demand-cause-the-oil-market-to-fall\/","url_meta":{"origin":9364,"position":4},"title":"Fears over China\u2019s demand cause the oil market to fall","date":"April 11, 2022","format":false,"excerpt":"Oil prices fell on Monday, owing to concerns about Chinese demand, the previous release of strategic reserves, and the dimming prospect of a European embargo on Russian supply in the aftermath of the Ukraine conflict. In noon trading, the US benchmark oil West Texas Intermediate fell to $92.93 per barrel,\u2026","rel":"","context":"In "latest"","img":{"alt_text":"Fears over China\u2019s demand cause the oil market to fall.","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2022\/04\/FotoJet-2-35.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":4351,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/12\/oil-retreats-further-as-demand-fears-set-in\/","url_meta":{"origin":9364,"position":5},"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. Brent crude was down $0.34, or 0.6%, at $60.80 a barrel\u2026","rel":"","context":"In "Business"","img":{"alt_text":"Oil-retreats-further-as-demand-fears-set-in-rapid-news-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-retreats-further-as-demand-fears-set-in-rapid-news-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\/9364","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=9364"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/9364\/revisions"}],"predecessor-version":[{"id":9367,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/9364\/revisions\/9367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/9365"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=9364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=9364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=9364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}