Connect with us

Hi, what are you looking for?

Commodities & Futures

Oil Holds Gains Near $66 With Signs Fuel Consumption Expanding

Commodities1 hour ago (Mar 11, 2021 07:19PM ET)

(C) Reuters. Oil Holds Gains Near $66 With Signs Fuel Consumption Expanding

(Bloomberg) — Oil held gains near $66 a barrel in early Asian trading amid signs a recovery in fuel consumption is accelerating and after the U.S. enacted a massive pandemic relief program that lifted markets in general.

Futures in New York were steady after advancing 2.5% on Thursday, the most in almost a week. Vehicle miles driven on American highways increased 10% last week from the previous seven days, while U.K. road use has also been rising. The passing of the $1.9 trillion stimulus deal will see aid flowing to millions of individuals, businesses and local governments as early as this weekend.

The Organization of Petroleum Exporting Countries, meanwhile, sounded a note of caution in the demand outlook on Thursday, trimming its estimates for the amount of crude it will need to pump over the next two quarters.

Oil has whipsawed this week and briefly rallied to the highest since October 2018 on Monday following an attack on a key Saudi Arabian facility, but prices have since pulled back and are poised for a modest weekly loss. The market continues to tighten due to output cuts from OPEC+ members, however, and the rollout of Covid-19 vaccines is spurring optimism over the demand outlook.

See also: OPEC’s Shock Move to Tighten Market Leaves Oil World Divided

The prompt timespread for Brent was 63 cents a barrel in backwardation on Thursday — a bullish market structure where near-dated prices are more expensive than later-dated ones — compared with 54 cents a week earlier.

(C)2021 Bloomberg L.P.

Oil Holds Gains Near $66 With Signs Fuel Consumption Expanding

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved