With COVID-19 threats, the fuel line ends in the middle of the supply return

TOKYO, Aug. 26 (Reuters) – As the number of COVID-19 infections increased, interest rates again shortened the three-day meeting and production fell in Mexico on Thursday for the first session.

Brent’s confidence rose 1.7% on Wednesday to $ 61.96, or $ 0.4%, at 0649 GMT.

US oil fell $ 67.92 a barrel by 44 cents, or 0.6%, after gaining 1.2% in the previous session.

According to the US Energy Information Administration (EIA), US raw materials fell for the third consecutive week last week, and overall oil demand rose by about 10% from March 2020 to about 10%.

But the picture of interest is not entirely bullying.

CAPITAL ECONOMIC “For now, American consumers seem to be fleeing the delta expansion … but we seem to be at a high level in US demand, which will act as a cover for oil prices,” said Capital Economics.

Divided reserves of diesel and jet fuel (USOILD = ECI) rose 0.6 million barrels to 138.46 million barrels last week, according to the EIA.

In Mexico, a fire at a beach resort on Sunday killed at least five workers and destroyed more than 400,000 barrels of BPD per day. Read more

Pemex has so far recovered 71,000 bpd and expects to add an additional 110,000 bpd in a few hours.

Widespread, the new COVID-19 epidemic in the coronavirus Delta is threatening the strength of global economic recovery. Read more

“Even though prices have fluctuated … there are questions about how the ever-increasing number of issues in the world are affecting oil demand,” said Avatar Sandu, chief executive of Philip Futures in Singapore.

“In the short term, the oil market may be reversed,” he said.

Reported by Aaron ld Ledrick; Edited by Tom Hogg and Kim Cogley

Our Standards – Thomson Reuters Principles.


Leave a Comment