Oil prices ease as pandemic outweighs Chinese and U.S
17 Janvier, 2021, 15:39 | Auteur: Auguste Feret
Brent dropped by $0.93, or 1.7%, to $55.49 by 9:50am GMT, while US West Texas Intermediate crude fell by $0.71, or 1.3%, to $52.86 a barrel, reported Reuters.
Both benchmarks, which hit their highest in almost a year earlier in the week, posted their first weekly declines in three weeks, with Brent down 1.6% on the week and US crude down about 0.4%.
Oil producers face an unprecedented challenge balancing supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, said an official at the International Energy Agency (IEA).
These positives were called into question on Friday as the dollar rose and China ramped up lockdown measures.
"It is true that the 1.9 trillion US dollars economic stimulus package unveiled by Biden yesterday should increase the confidence of the markets in the USA economy and boost hopes of increased oil demand", Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Friday.
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The refiners are starting to see a better demand picturePhil Flynn, senior market analyst, Price Futures Group Inc. "This renewed lockdown is striking at the heart of the demand picture in Asia".
China, the world's second largest oil consumer, reported its biggest daily jump in new Covid-19 cases in more than 10 months as infections in northeastern Heilongjiang province almost tripled, underscoring the growing threat ahead of a major national holiday.
"Seeing Covid-19 infections increase in China with the highest margins for a long time is alarming for the market and, combined with tight lockdowns underway in Europe, may affect demand for oil much more than initially expected in the first quarter".
Despite the coronavirus shock, China's total crude oil imports rose 7.3% in 2020, with record arrivals in the second and third quarters as refineries expanded operations and low prices encouraged stockpiling, customs data showed.
"The market is structurally bullish, but it may be getting too ahead of forward-looking fundamentals".
Pas de quoi pavoiser cependant pour les Blues qui ont eu du mal à trouver Olivier Giroud , aligné pendant 75 minutes en pointe. Chelsea 0-1: le succès des Blues s'est dessiné en seconde période sur un but du milieu anglais Mason Mount (78e).
In the unveiling video, James confidently walks to his right before redirecting to the center to look directly into the camera. No. 6 was James' number with the Miami Heat and the USA National Team, as well as his practice uniform .
Prince William has said he is "very proud" of the Queen and the Duke of Edinburgh for getting their coronavirus vaccinations. His comments came during a video call with medics who told him there is " vaccine hesitancy" in some groups.
Indian all-rounders and renowned brothers, Hardik and Krunal Pandya have suffered a setback in their personal life. In view of the preparations for the same series, he also decided not to play in the Syed Mushtaq Ali Trophy .
Biostatistics Unit COVID-19 Working Group estimates the current daily number of new infections occurring across England is 60,200. Separately, the Zoe Covid Symptom Study UK Infection Survey from King's College London calculated the UK R rate at 0.9.
Moscow and Washington have discussed the possibility of its extension, but have so far failed to overcome their differences. After a lengthy withdrawal process, the US exit from the treaty was finalized six months later, on November 21.
If any person suffers from fever or any other problem due to the vaccination process, then our team will deal with it. These workers have earlier handled a lot of COVID-19 positive patients and seen their sufferings.
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