Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Holds Gain as OPEC+ Bets Market Can Absorb Returning Supply

CommoditiesApr 27, 2021 08:09PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Oil Holds Gain as OPEC+ Bets Market Can Absorb Returning Supply

(Bloomberg) -- Oil was steady in early Asian trading after OPEC+ confirmed it would proceed with plans to add more barrels to the market, despite a virus resurgence in some regions including India clouding the demand outlook.

Futures in New York traded near $63 a barrel after advancing the most in almost two weeks on Tuesday. An OPEC+ committee agreed that the alliance should press ahead with its road map for increasing supply over the next three months. The coalition raised its estimates for demand growth this year on Monday, while BP (NYSE:BP) Plc also pointed to signs of a robust recovery.

The global oil market recovery is being driven by China and the U.S., with positive signs emerging from parts of Europe. An accelerating vaccination program is expected to increase consumption further, although crude prices have whipsawed near $60 a barrel recently as Covid-19 flare-ups in India and Brazil raised concerns about near-term demand.

OPEC+ will skip its scheduled ministerial meeting on Wednesday after sticking with its plan to hike supply by 2 million barrels a day over the next three months, according to delegates. The next gathering will be in early June, a delegate said, asking not to be identified as the information isn’t public.

The prompt timespread for Brent was 55 cents in backwardation -- a bullish market structure where near-dated contracts are more expensive than later-dated ones -- on Tuesday. That’s down from 69 cents at the end of last week.

The American Petroleum Institute, meanwhile, reported U.S. crude stockpiles expanded by 4.32 million barrels last week, according to people familiar with the data. If confirmed by government figures Wednesday, it would be a second straight weekly gain. The API reported a drop in gasoline inventories.

©2021 Bloomberg L.P.

Oil Holds Gain as OPEC+ Bets Market Can Absorb Returning Supply
 

Related Articles

Crude Oil Edges Higher; Mixed Covid News
Crude Oil Edges Higher; Mixed Covid News By Investing.com - Jul 27, 2021 1

By Peter Nurse    Investing.com -- Crude oil prices edged higher Tuesday, stabilizing after Monday’s fall on optimism the global demand recovery will overshadow a resurgence in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email