The Indian Panorama

Tag: WTI

  • Oil prices slip with bumps in economic revival

    Oil prices slip with bumps in economic revival

    Oil clung to losses with concerns over the economic recovery casting a cloud over the return to normal demand. WTI crude fell as much as 1.6% even as US jobless claims unexpectedly rose for a second straight week, highlighting the choppy road ahead even in countries that have been a bright spot for the demand rebound.

    US benchmark crude futures have been stuck in a narrow band around $60 in recent weeks. While signs of demand picking up in places like the US has buoyed sentiment, fresh Covid outbreaks and renewed lockdowns have acted as a counterweight.

    At the same time, market volatility has come off multi-month highs, with WTI futures trading in a less than $5-a-barrel range.

    “The tug-of-war between short-term gloom and medium-term prosperity continues,” said Tamas Varga, an analyst at brokerage PVM Oil Associates.

  • Oil prices slide as coronavirus lockdown concerns outweigh Suez Canal disruptions

    Oil prices slide as coronavirus lockdown concerns outweigh Suez Canal disruptions

    Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal. Brent crude futures slid $1.14, or 1.8%, to $63.27 a barrel at 0139 GMT, after jumping 6% overnight. US West Texas Intermediate (WTI) crude futures dropped by $1.27, or 2.1%, to $59.91 a barrel, after climbing 5.9% overnight. Prices had tumbled earlier in the week on worries about tighter pandemic curbs in Europe and vaccine delays stalling growth in demand for fuel, but sharply reversed on Wednesday with the grounded ship in the Suez Canal potentially blocking 10 tankers carrying 13 million barrels of oil. The market was also helped on Wednesday by data showing US gasoline demand improved and refinery run rates were picking up. However, those factors supporting the market were short-lived, even as tugs struggled to free the stranded Suez Canal ship.