West Texas Intermediate slid 1.7%, while the greenback was stronger, making commodities priced in the currency less attractive. Treasury yields also climbed. While fuel consumption is rising in many parts of the world, risks remain, with the head of the U.S. Centers for Disease Control and Prevention warning of “impending doom” as cases and deaths in the country pick up. WTI is $60.37; Brent is $63.92
West Texas Intermediate retraced much of its earlier drop, after volatile trading in recent days. The market’s focus remains on the demand impact of renewed coronavirus lockdowns before the OPEC+ policy discussions on Thursday. Maneuvers will continue this morning to fully free the Ever Given container ship. WTI is $61.36; Brent is $65.19
Oil has sold off in recent weeks amid softening physical demand, a stronger dollar, and the unwinding of long positions. Despite the recent declines, prices are still up more than 20% this year and there is confidence in the longer-term outlook as vaccination rates climb and OPEC+ keeps supply in check. WTI $59.80; Brent is $63.12
Despite the recent selloff, oil is still up more than 20% this year and there is confidence in the longer-term outlook for demand as coronavirus vaccinations accelerate worldwide while OPEC+ output cuts tighten supply. The alliance is scheduled to meet next week to decide production policy for May in a gathering that will be keenly watched by the market. WTI $60.21; Brent is $63.62
Crude remained up on the day after Europe posted positive economic data, with a record increase in factory output masking fresh concerns across the region about surging coronavirus infections. Futures in New York traded up 2.2%, after earlier climbing as much as 3.4%. The Suez Canal Authority is close to refloating a ship that ran aground on Tuesday, easing concern that vessel traffic could remain gridlocked for days. WTI is $59.05; Brent is $62.14
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