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  4. Oil Down as COVID-19 Concerns Continue to Dampen Fuel Demand Outlook
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Oil Down as COVID-19 Concerns Continue to Dampen Fuel Demand Outlook

By Gina Lee AiVIF.com – Oil was down Friday morning in Asia as concerns over the spread of COVID-19 globally continue to cloud the fuel demand outlook. Brent oil futures were...
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Oil Down as COVID-19 Concerns Continue to Dampen Fuel Demand Outlook © Reuters.

By Gina Lee

AiVIF.com – Oil was down Friday morning in Asia as concerns over the spread of COVID-19 globally continue to cloud the fuel demand outlook.

Brent oil futures were down 0.57% to $70.90 by 12:12 PM ET (4:12 AM GMT) and WTI futures fell 0.62% to $68.66.

"We now see the global demand recovery stalling this month with oil demand only reaching 98.3 million barrels per day (mbd) in August and averaging 97.9 mbd in September, on par with the nearly 98 mbd average in July," JPM Commodities Research analysts said in a note.

Fuel demand growth ground to a halt in July and is expected to slow down for the rest of 2021 thanks to the spread of COVID-19 cases involving the Delta variant globally, the International Energy Agency (IEA) said on Thursday.

"Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major oil-consuming countries, particularly in Asia, look set to reduce mobility and oil use," it added.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for a rebound in oil demand globally in 2022 and further growth in 2022 in its monthly report, released on Thursday.

The cartel also raised its expectations for supplies in 2022 from other producers, including U.S. shale drillers. This could undermine efforts by OPEC and allies, or OPEC+, to balance the market.

"Although OPEC left its demand forecast unchanged, we think that the near-term demand outlook has deteriorated, which may mean that the group adjusts down its supply plans at its next meeting," Capital Economics chief commodities economist Caroline Bain said in a note.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Silver Futures

26.677

+0.023 (+0.09%)

Summary

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Moving Avg:

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Copper Futures

4.5305

-0.0105 (-0.23%)

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Brent Oil Futures

85.62

-0.71 (-0.82%)

Summary

↑ Sell

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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US Coffee C Futures

213.73

-13.77 (-6.05%)

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Hang Seng

17,763.03

+16.12 (+0.09%)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

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IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

-0.24 (-0.87%)

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

-5.90 (-2.54%)

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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Cập nhật 01-05-2024 10:45:19
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$2,285.72-47.5-2.04%
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RON 95-V25.44025.940
RON 95-III24.91025.400
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EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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