Oil was up Thursday morning in Asia as U.S. crude supplies dropped to multimonth lows. However, volatility remained as the recovery from the pandemic remains uneven and impacts fuel demand.
Oil prices extended gains on Thursday after rising 1 per cent the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising Covid-19 cases in India, Japan and Brazil.
Rising fuel prices have reached pre-pandemic levels, hitting drivers venturing out on the roads over Easter.
Oil prices rose on Wednesday on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, but prices were limited due to a surge in crude oil inventories after last month's winter storm in Texas.
Oil prices rose about 1% on Friday, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
Oil prices were higher on Wednesday, with U.S. crude gaining for the seventh straight day, after industry data showed a bigger than expected drop in inventories and investors shrugged off rising new deaths and infections in the pandemic.
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world’s biggest exporter, to cut output over the next two months.
Oil prices slid in early trade on Monday as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall a recovery in the global economy and its need for fuel.
UK oil and gas, aerospace and defence sector companies have joined renewables players to begin the Offshore Wind Growth Partnership’s (OWGP) Wind Expert Support Toolkit (WEST) Pilot Programme.
The United Arab Emirates is boosting investment to make good on pledges to increase output capacity, even as it struggles against Opec+ (Organization of the Petroleum Exporting Countries) restrictions on supply.
