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

Oil rises, but gains capped by demand concerns as India reels from COVID-19

CommoditiesApr 26, 2021 10:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A gas pump is seen hanging from the ceiling at a petrol station in Seoul

TOKYO (Reuters) - Oil prices bounced back early on Tuesday from drops in the previous session, but gains were seen likely capped by growing concern about fuel demand in India, the world's third-biggest crude importer now slammed by spiralling new coronavirus cases.

Brent crude was up 26 cents, or 0.4%, at $65.91 a barrel by 0141 GMT, after dropping 0.7% on Monday. U.S. oil gained 23 cents, or 0.4%, to $62.14, having declined by the same amount the previous session.

"There are clearly some concerns around the demand outlook, particularly over how the Covid-19 situation is developing in India," ING Economics analysts said in a note.

The Indian government ordered the country's military to help respond to the surging coronavirus infections, with countries including Britain, Germany and the United States promising aid as the emergency overwhelms hospitals.

India's woes comes as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are set to discuss policy on production at a meeting this week.

The OPEC+ joint technical committee has maintained a forecast for growth in oil demand growth this year, but has concerns about the surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters.

"The big question is whether OPEC+ feels that the situation is bad enough to alter its planned production easing from 1 May," said ING. "We still expect that the group will announce no changes to its plan when they meet tomorrow."

Oil rises, but gains capped by demand concerns as India reels from COVID-19
 

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.
Comments (2)
Max German
7Max7 Apr 27, 2021 1:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
oil +1% lol this just like last year ignores cut of demand then it will crash
Kelly Mayer
Kelly Mayer Apr 26, 2021 10:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Summer about to come into play and all of a suddent Covid discovers India! Conveninent. This will last well into 2022. Some countries's mortality and case rate is so low that they now are coming up with transmission rates as the new god to fear... Insanity. Total insanity.
Mad Money
Mad Money Apr 26, 2021 10:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why don’t you go to india and find out
 
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