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perplexed76 .
May 27, 2021 2:03PM ET
oil is like crypto, same bubble
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Oil prices gain 1%, boosted by U.S. economic data
Published May 26, 2021 11:30PM ET
Updated May 27, 2021 03:07PM ET
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© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
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© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
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By Stephanie Kelly
NEW YORK (Reuters) -Oil prices rose 1% on Thursday, bolstered by strong U.S. economic data that offset investors' concerns about the potential for a rise in Iranian supplies.
Brent rose 59 cents, 0.9%, to settle at $69.46 a barrel. U.S. West Texas Intermediate (WTI) crude rose 64 cents, or 1%, to settle at $66.85 a barrel.
The number of Americans filing new claims for unemployment benefits dropped more than expected last week, according to data from the U.S. Labor Department.
The U.S. economy, which in the first quarter notched its second-fastest growth pace since the third quarter of 2003, is gathering momentum, with other data on Thursday showing business spending on equipment accelerated in April.
"That's given us more of a risk-on attitude about the markets," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "We're back to focusing on supply and demand."
The prospect of Iranian supplies re-entering the market has pressured prices. Iran and global powers have been negotiating since April about Washington lifting sanctions on Iran, including its energy sector, in return for Iranian compliance with restrictions on its nuclear work.
Those talks will be a major issue for a June 1 meeting of the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. The group is likely to continue gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.
Analysts said any increase in supply from Iran would be gradual, with JP Morgan estimating Iran could add 500,000 barrels per day (bpd) by the end of this year and a further 500,000 bpd by August 2022.
Concerns also remain about demand in India, the world's third-largest oil consumer. India has been hard-hit by the coronavirus, and only about 3% of its population has been fully vaccinated, according to the Reuters vaccine tracker https://graphics.reuters.com/world-coronavirus-tracker-and-maps/vaccination-rollout-and-access.
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Comments (6)
Vlad Lozovskiy
May 27, 2021 8:45AM ET
Oil drops, oil dips, oil crashes, oil slips! NO matter how hard leftists news outlets try, oil is steady or growing.
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Matias Riesco Vicuña
May 27, 2021 8:12AM ET
"oil prices dip on concerns"... Yeah... Moving sideways is no dipping....
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Peteymcletey
May 27, 2021 8:00AM ET
how many times can the same headline be used?
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Hunt Richardson
May 27, 2021 5:57AM ET
"work out steps that Tehran and Washington must take so the crippling sanctions on Iran, including on its energy sector, over its nuclear programme, are lifted."
good work joe, now you're putting money in the hands of Hamas so they can shoot more rockets at Israel. good grief!
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Franco Dominguez
May 27, 2021 12:03AM ET
let da price goinf up without manipulatioj thw deal will be in 1 year
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