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  4. Oil Edges Higher as Investors Assess Demand Amid Delta Spread
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Oil Edges Higher as Investors Assess Demand Amid Delta Spread

(Bloomberg) -- Oil resumed gains as investors bet the global demand recovery will remain intact despite a resurgence in Covid-19 leading to tighter restrictions on movement in many...
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Oil Edges Higher as Investors Assess Demand Amid Delta Spread © Reuters. Oil Edges Higher as Investors Assess Demand Amid Delta Spread

(Bloomberg) -- Oil resumed gains as investors bet the global demand recovery will remain intact despite a resurgence in Covid-19 leading to tighter restrictions on movement in many regions.

Futures in New York rose 0.3% to trade near $72 a barrel after dipping Monday. The rebound in key energy consumers such as the U.S. and China has helped to underpin increasing fuel consumption and drained bloated stockpiles built up during the pandemic. The fast-spreading delta variant, however, has raised some concerns about the short-term demand outlook.

Delta has interrupted a rally in oil that started late last year and has prices heading for only the second monthly drop since October. The flare-up has crimped fuel demand in some regions and coincided with an agreement by OPEC+ to add more supply from August. While headwinds are mounting, there are expectations that the market with continue to tighten throughout 2021.

The prompt timespread for Brent was 85 cents a barrel in backwardation -- a bullish market structure where near-dated contracts are more expensive than near-dated ones. That compares with 58 cents a week earlier.

Covid-19 infections globally have increased the most in two months due to a surge across the U.S. and low vaccination levels in Southeast Asian nations. The positive test rate in Indonesia is the worst in Asia, while Thailand and Vietnam have introduced curfews to curb the spread of the virus.

©2021 Bloomberg L.P.

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

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157.91

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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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