Oil Holds Gain Near $53 as Tightening Supply Offsets Virus Woes By Bloomberg

Oil Holds Gain Near $53 as Tightening Supply Offsets Virus Woes

CommoditiesJan 25, 2021 19:18

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Oil Holds Gain Near $53 as Tightening Supply Offsets Virus Woes

(Bloomberg) -- Oil held gains near $53 a barrel as more signs of tightening supply offset concerns that a resurgent Covid-19 outbreak in some regions and a slow roll-out of vaccinations will blunt near-term demand.

Futures in New York were steady after rising 1% on Monday. Russian seaborne exports of its flagship Urals crude will drop by almost 20% in February from a month earlier, adding to lower Iraqi output and crimped Libyan shipments. Key prompt timespreads for the U.S. benchmark and global Brent are in a bullish market structure and widening, indicating shrinking supplies.

The market, however, still faces headwinds from the virus. A flare-up in China is threatening fuel demand during the Lunar New Year period, with the government encouraging millions not to travel to prevent further spread.

Oil has surged almost 50% since the end of October but the rally has started to falter amid concerns about a sustained recovery in global fuel demand. Vaccine coverage won’t reach a point where it will stop the transmission of the virus in the foreseeable future, the World Health Organization said on Monday.

Brent’s prompt timespread was 20 cents a barrel in backwardation on Monday -- where near-dated contracts are more expensive than later-date ones -- compared with a 7-cent contango at the start of the month.

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(Bloomberg) -- Oil rallied toward $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread...

Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier Oil By Bloomberg - Mar 04, 2021

(Bloomberg) -- Saudi Arabia just made a high-stakes wager that the glory days of U.S. shale, which transformed the global energy map in the last decade, are never coming back. By...

Oil Jumps 4% as Saudis Hold to Cuts, Allow Russia Modest Rise By Investing.com - Mar 04, 2021

By Barani Krishnan Investing.com - Oil prices jumped 4% Thursday as the OPEC+ producers’ alliance bucked expectations for a hike in output starting in April, with cartel leader...

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Oil Holds Gain Near $53 as Tightening Supply Offsets Virus Woes

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