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Oil prices sapped by rising virus cases; anticipated drop in U.S. inventory stems losses

CommoditiesJan 11, 2021 09:05PM ET
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© Reuters.

By Jessica Jaganathan

SINGAPORE (Reuters) - Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, though an anticipated drawdown in crude oil inventory in the United States for a fifth straight week stemmed losses.

After falling on Monday, Brent crude oil futures slipped by 9 cents, or 0.2%, to $55.57 a barrel by 0135 GMT while U.S. West Texas Intermediate (WTI) fell by 8 cents, or 0.2%, to $52.17 a barrel.

Worldwide coronavirus cases surpassed 90 million on Monday, according to Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new coronavirus variants.

"I think the market will be rapid to conclude that yesterday's modest pullback in price, provided the virus spread in China remains contained, was but a blip on the radar screen," said Stephen Innes, chief global market strategist at Axi in a note, citing the prospect of increased economic stimulus in the United States.

President-elect Joe Biden, who takes office on Jan. 20 with his Democratic party in control of both Houses, has promised "trillions" in extra pandemic-relief spending.

U.S. crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week, a preliminary Reuters poll showed on Monday.

The poll was conducted ahead of reports from industry group American Petroleum Institute on Tuesday and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, on Wednesday.

Brent could rise to $65 per barrel by summer 2021, Goldman Sachs (NYSE:GS) said, driven by Saudi cuts and the implications of a shift in power to the Democrats in the United States. The Wall Street investment bank had previously predicted oil would hit $65 by year-end.

Oil prices sapped by rising virus cases; anticipated drop in U.S. inventory stems losses
 

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Comments (9)
emad hijazi
emad hijazi Jan 12, 2021 2:19AM ET
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oil up . no way down.
Matt Novakovich
Matt Novakovich Jan 12, 2021 2:18AM ET
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shut up. I'm sorry you didn't get your money in soon of enough
Lex Wild
Lex Wild Jan 12, 2021 1:52AM ET
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already recovered and on the way to new highs ;-)
George Jetson
George Jetson Jan 12, 2021 12:36AM ET
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oil slips as Newsom wants locks down california because of 1 million signiture recall 🤭
Joel Schwartz
Joel Schwartz Jan 12, 2021 12:34AM ET
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“Oil prices up on OPEC artificially curbing supply to balance lower demand and higher global stockpiles.” There, I fixed it for you.
Pi Er
Pi Er Jan 12, 2021 12:34AM ET
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yeah so what
Notvery Goodathis
Peteymcletey Jan 12, 2021 12:28AM ET
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Can we stop trying to explain every second of every days moves? lol.
Bilol Begmatov
Bilol Begmatov Jan 11, 2021 10:45PM ET
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Cases Climbs ok.. but talk about recovery Jessica J. You got paid for negative News!! And you are fooling small investors. Making them loose.. and happily feeding your family with that money!!!
The Chad Bull
The Chad Bull Jan 11, 2021 10:44PM ET
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The markets don’t care about a virus with a 99% survival rate
Pi Er
Pi Er Jan 11, 2021 10:44PM ET
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the problem is if it goes uncontrolled -- health systems overwhelmed and no beds/treatments available for other medical issues. Plug your brain wires please
Pi Er
Pi Er Jan 11, 2021 10:44PM ET
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the problem is if it goes uncontrolled -- health systems overwhelmed and no beds/treatments available for other medical issues.
Matt Novakovich
Matt Novakovich Jan 11, 2021 10:44PM ET
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Pi Er still going with this eh?
Rusty Jabour
RBull Jan 11, 2021 10:25PM ET
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Note to file: go back and see how many Reuters’ oil polls were EVER accurate, based on actual factual reports that followed. Absokutely none. To base a story on yet another wrong Reuters guess just to boost your own news organization is fools gold.
 
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