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Oil steadies but Delta outbreaks cloud demand prospects

By Dmitry Zhdannikov LONDON (Reuters) -Oil prices steadied on Wednesday after four days of declines, with investors still worried about the outlook for fuel demand as the use of...
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Oil steadies but Delta outbreaks cloud demand prospects © Reuters. 3D printed oil barrels and percentage symbols are seen in front of dollar banknotes in this illustration taken May 25, 2020. REUTERS/Dado Ruvic/Illustration

By Dmitry Zhdannikov

LONDON (Reuters) -Oil prices steadied on Wednesday after four days of declines, with investors still worried about the outlook for fuel demand as the use of rail, air and other forms of transport is constrained by surging COVID-19 cases worldwide.

Brent crude was up about $1, or 1.4%, just above $70 a barrel by 1125 GMT. U.S. WTI crude oil gained 84 cents, or 1.25%, to $67.43.

"In the short-term, the oil market may be volatile with frequent pull-backs as crude prices are beginning to struggle as demand in Europe and India faces headwinds," said Avtar Sandu at Phillip Futures in Singapore.

A stronger dollar was also hitting commodities across the board, with metals and gold in particular looking "equally fragile" as oil, ANZ Research said in a note.

Crude is typically priced in dollars so a stronger U.S. currency makes oil more expensive, hitting demand.

In the United States, more supply is set to hit the market if official forecasts prove right.

U.S. shale oil production is expected to rise to 8.1 million barrels per day (bpd) in September, the highest since April 2020, according to the Energy Information Administration's monthly drilling output report.

U.S. crude oil and gasoline inventories fell last week, two market sources said, citing American Petroleum Institute figures on Tuesday, while distillate stocks rose.

Financial markets overall are turning sour in response to the Delta coronavirus variant's progress, softer U.S. economic data and "a sombre reflection on what is going on in Afghanistan", ING analysts 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)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

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Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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4,920.55

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S&P 500

5,035.69

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DAX

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FTSE 100

8,144.13

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17,763.03

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1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

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Neutral

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49.155

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27.35

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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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