Monday, April 12, 2021
  • Login
  • Register
Southern News Network
Advertisement
  • Home
  • Kashmir
  • Jammu
  • National
  • Health
  • Business
  • Education
  • Ladakh
  • Sports
  • World
Southern News Network
  • Home
  • Kashmir
  • Jammu
  • National
  • Health
  • Business
  • Education
  • Ladakh
  • Sports
  • World
No Result
View All Result
Plugin Install : Cart Icon need WooCommerce plugin to be installed.
Southern News Network
No Result
View All Result

Oil falls more than 1% as surging COVID-19 cases stoke demand fears

SNN DESK by SNN DESK
October 26, 2020
in Business
0 0
0
Home Business

Oil prices fell on Monday, extending last week’s losses, as a jump in COVID-19 infections in the United States and Europe raised alarms over crude demand, while the prospect of increased supply also hurt seBrent crude LCOc1 was down by 53 cents, or 1.3%, at $41.24 by 0052 GMT. U.S. West Texas Intermediate (WTI) dropped 53 cents, or 1.3%, to $39.32, having fallen more than a dollar shortly after the start of trading.

Brent fell 2.7% last week and WTI dropped 2.5%.

The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday, underlining the severity of the outbreak.

On the supply side, Libya’s National Oil Corp on Friday ended its force majeure on exports from two key ports and said production would reach 1 million barrels per day (bpd) in four weeks, a quicker ramp-up than many analysts had predicted.

OPEC+, a grouping of producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia, is also set to increase output by 2 million bpd in January 2021 after cutting production by a record amount earlier this year.

“A resurgence in COVID-19 cases in Europe and North America has stopped the recovery in demand in its tracks,” ANZ Research said in a note.

“If market conditions worsen, (OPEC+) will have no choice but to delay the increase of quotas by a month or two at its meeting on 1 December,” ANZ said.

Russian President Vladimir Putin indicated last week he may agree to extending OPEC+ oil production reductions.

In the United States, energy companies increased their rig count by five to take the total to 287 in the week to Oct. 23, the most since May, energy services firm Baker Hughes Co BKR.N said. The rig count is an indicator of future supply. [RIG/U]

Still, investors increased their net long positions in U.S. crude futures and options during the week through Oct. 20, the U.S. Commodity Futures Trading Commision said on Friday.

ShareTweetSendSharePinShareShare
SNN DESK

SNN DESK

Next Post

3 BJP leaders from Kupwara detained for hoisting tricolour at clock tower, Lal Chowk

Leave a Reply Cancel reply

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

No Result
View All Result

Recent Posts

  • Lt Governor chairs meeting of all DCs of Kashmir Division
  • 915 covid-19 cases, 5 deaths reported in J&K
  • 35-year old man Shot dead by unknown gunmen in Budgam
  • Covid-19 upsurge: Schools upto 12th standard to remain closed till April 18 in J&K
  • Militants involved in TA soldier’s killing, slain in Bijbehara encounter: IGP Kashmir

Recent Comments

    Southern News Network

    Powered By - Window Technologies

    Navigate Site

    • About Us
    • Contact Us
    • Home
    • Privacy Policy
    • Sample Page

    Follow Us

    No Result
    View All Result
    • Home
    • Kashmir
    • Jammu
    • National
    • Health
    • Business
    • Education
    • Ladakh
    • Sports
    • World

    Powered By - Window Technologies

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    error: Content is protected !!