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  4. Oil Up, But Rising COVID-19 Cases Continue to Cloud Fuel Demand Outlook
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Oil Up, But Rising COVID-19 Cases Continue to Cloud Fuel Demand Outlook

By Gina Lee AiVIF.com – Oil was up Tuesday morning in Asia, clawing back some losses from the previous session that saw the black liquid drop to a three-week low. However, fuel...
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Oil Up, But Rising COVID-19 Cases Continue to Cloud Fuel Demand Outlook © Reuters.

By Gina Lee

AiVIF.com – Oil was up Tuesday morning in Asia, clawing back some losses from the previous session that saw the black liquid drop to a three-week low. However, fuel demand concerns remain as COVID-19 cases continue to increase.

Brent oil futures was up 0.42% to $69.33 by 12:31 AM ET (4:31 AM GMT), tumbling 2.3% on Monday. WTI futures gained 0.66% to $66.92 having slid 2.6% in the previous session.

China reported a record number of daily COVID-19 cases on Monday, as the world’s top oil importer attempts to bring this number down to zero. Restrictive measures have already been implemented in large parts of the country, which has, in turn, dampening the fuel demand outlook.

“Chinese mobility on roads and air traffic is down, so what traders are wondering now is whether or not other large oil-consuming and producing regions will start to see a China-like demobilization,” Macquarie Capital Oil & Gas Economist Vikas Dwivedi told Bloomberg.

“We could see this domino effect, where other regions follow China’s lead and that would lead to lower oil demand for the remainder of this year and beyond,” he added.

Investors now await a European Union decision on whether or not to reverse the current policy that allows Americans into the block. A decision to reverse this policy would “negate what could have been a better future demand profile,” said Dwivedi.

Investors also await U.S. crude oil supply data from the American Petroleum Institute, due later in the day.

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

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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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Cập nhật 01-05-2024 10:45:19
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ↀ Giá vàng thế giới
$2,285.72-47.5-2.04%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
DO 0.05S20.71021.120
DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
ↂ Giá dầu thô thế giới
WTI$80.83+3.390.04%
Brent$85.50+3.860.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
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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