简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:BP predicts strong demand recovery; European traffic climbs WTI crude futures decline 0.8% after falling 0.6% on Monday
Oil extended declines in Asian trading after a rally that saw it hit $70 a barrel for the first time since October 2018 faltered.
Futures in New York dropped back below $69 a barrel on Tuesday after closing 0.6% lower in the previous session. While prices have eased, theres confidence in the demand outlook as vaccination rates accelerate and mobility climbs. BP Plc is predicting a strong recovery, and traffic in a number of European cities was as busy as in 2019 for the first time since the pandemic.
“It‘s just a case of gains being too quick, there is some profit-taking now,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. “I don’t put too much weight on the drop. The market is still headed in an upward trend.”
Crudes advance from the worst of the virus has stalled a handful of times this year, but prices have managed to return to an upward track as overall global demand keeps improving. The Covid-19 comeback in Asia and parts of Latin America is a reminder that the rebound will be bumpy, however.
The market is also watching for any progress between Iran and world powers to revive a nuclear deal, which will likely see the removal of U.S. sanctions and increased Iranian crude flows. Discussions are entering a decisive phase, according to the agency monitoring Tehrans atomic sites.
PRICES
West Texas Intermediate for July delivery fell 0.8% to $68.70 a barrel on the New York Mercantile Exchange at 9:39 a.m. Singapore time after falling 0.6% in the previous session.
Brent for August settlement was down 0.8% at $70.94 on the ICE Futures Europe exchange after losing 0.6% on Monday.
Brent remains in a bullish market structure, despite the drop in headline prices. The prompt timespread for the global benchmark oil was 39 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 40 cents on Friday.
Theres a lot of evidence that suggests that demand will be strong and that U.S. shale producers will remain disciplined, BP Chief Executive Officer Bernard Looney told Bloomberg in St. Petersburg, Russia. His comments echo those of other industry executives encouraged by a robust rebound in key nations.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
We are thrilled to announce that Easy Trading Online has been awarded the “Best Forex Broker - Asia” at the Wiki Finance EXPO 2024 Hong Kong! This prestigious recognition underscores our commitment to excellence and dedication to providing top-notch services to our clients.
On the evening of April 28, Easy Trading Online proudly received the 'Most Trusted Forex Broker' award at the BrokersView 2024, hosted by Fastbull. This accolade is a testament to our steadfast dedication to providing reliable and superior trading services in the forex and CFD brokerage industry.
The BrokersView Expo Dubai 2024 is a premier event in the financial industry, bringing together top financial institutions, brokers, and technology providers from around the globe. As the Gold Sponsor of BrokersView Expo Dubai 2024, Easy Trading Online took the opportunity to showcase our latest products, service technologies, and core competitive advantages in the forex trading field.
On the 23rd of March, the Easy Trading Online family had the distinguished pleasure of being the Table Sponsor at the prestigious Wiki Gala Night. As we reflect on the event, it’s with a sense of pride and joy that we share the highlights and our takeaways from an evening that was as inspiring as it was splendid.