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  4. Oil Edges Higher After Weekly Gain as Investors Assess Demand
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Oil Edges Higher After Weekly Gain as Investors Assess Demand

(Bloomberg) -- Oil edged higher after eking out a modest weekly gain as investors assessed the outlook for demand amid a Covid-19 resurgence. Futures in New York traded above $72 a...
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Oil Edges Higher After Weekly Gain as Investors Assess Demand © Reuters. Oil Edges Higher After Weekly Gain as Investors Assess Demand

(Bloomberg) -- Oil edged higher after eking out a modest weekly gain as investors assessed the outlook for demand amid a Covid-19 resurgence.

Futures in New York traded above $72 a barrel after adding 0.4% last week, the first weekly gain in three. There are robust signs that demand for fuels such as gasoline has increased as vaccination programs are rolled out, although the fast-spreading delta variant has raised concerns about the short-term outlook. Tight restrictions have been renewed including curfews in some places.

The latest Covid-19 flare-up coincided with a salvaged OPEC+ agreement to add more barrels from August, whipping up stiff headwinds for oil and interrupting a price rally. However, expectations are for a continuing tightening of the market throughout the rest of 2021, leading to even higher prices.

The prompt timespread for Brent was 65 cents a barrel in backwardation -- a bullish market structure where near-dated prices are more expensive than later-dated ones. That compares with 66 cents on Friday.

Countries including Thailand and Vietnam are imposing curfews in cities to battle a surge in Covid-19 cases, while in Germany, senior politicians have floated the possibility of tough restrictions for the unvaccinated. The top U.S. infectious disease expert, Anthony Fauci, warned that the nation is moving in the “wrong direction” in combating the new wave of the pandemic.

©2021 Bloomberg L.P.

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

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-0.0003 (-0.05%)

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2,295.80

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26.677

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4.5305

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81.14

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85.62

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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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RON 95-V25.44025.940
RON 95-III24.91025.400
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