Workaholyk
2021-04-28
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Oil Fluctuates With OPEC+ Optimism Weighed Against India Crisis
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An OPEC+ committee agreed the group should stick to its roadmap for boosting supply in the coming months, reflecting confidence in the prospects for global consumption. But a surge of coronavirus cases in India and Brazil shows the recovery remains uneven.</p><p>Crude prices have risen this year on a global recovery driven by China and the U.S., with positive signs also emerging from parts of Europe. Goldman Sachs Group Inc. is forecasting an unprecedented jump in demand over the next six months as vaccination rates rise, with benchmark Brent crude seen reaching $80 in the third quarter. But virus flare-ups in some regions and prospects for higher supply from OPEC+, including potentially Iran, are tempering optimism.</p><p>“Upside is capped due to a rise in production, demand uncertainties and possible higher production from Iran,” said Hans van Cleef, senior energy economist at ABN Amro. “While downside seems protected by the remaining OPEC+ cuts and unwinding of lockdowns in other countries.”</p><p>The American Petroleum Institute reported a 4.32 million-barrel increase in U.S. crude stockpiles last week, according to people familiar with the data. If confirmed by government figures later on Wednesday, that would be a second weekly gain. The API posted a drop in gasoline inventories.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Fluctuates With OPEC+ Optimism Weighed Against India Crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Fluctuates With OPEC+ Optimism Weighed Against India Crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-28 17:53 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-04-27/oil-holds-gain-as-opec-bets-market-can-absorb-returning-supply><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Oil swung between gains and losses after OPEC+ confirmed it would proceed with plans to add more barrels to the market, despite a virus resurgence in some regions clouding the demand outlook.Futures ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-04-27/oil-holds-gain-as-opec-bets-market-can-absorb-returning-supply\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-04-27/oil-holds-gain-as-opec-bets-market-can-absorb-returning-supply","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155023358","content_text":"Oil swung between gains and losses after OPEC+ confirmed it would proceed with plans to add more barrels to the market, despite a virus resurgence in some regions clouding the demand outlook.Futures in New York held steady near $63 a barrel, after earlier adding 0.6%. An OPEC+ committee agreed the group should stick to its roadmap for boosting supply in the coming months, reflecting confidence in the prospects for global consumption. But a surge of coronavirus cases in India and Brazil shows the recovery remains uneven.Crude prices have risen this year on a global recovery driven by China and the U.S., with positive signs also emerging from parts of Europe. Goldman Sachs Group Inc. is forecasting an unprecedented jump in demand over the next six months as vaccination rates rise, with benchmark Brent crude seen reaching $80 in the third quarter. But virus flare-ups in some regions and prospects for higher supply from OPEC+, including potentially Iran, are tempering optimism.“Upside is capped due to a rise in production, demand uncertainties and possible higher production from Iran,” said Hans van Cleef, senior energy economist at ABN Amro. “While downside seems protected by the remaining OPEC+ cuts and unwinding of lockdowns in other countries.”The American Petroleum Institute reported a 4.32 million-barrel increase in U.S. crude stockpiles last week, according to people familiar with the data. If confirmed by government figures later on Wednesday, that would be a second weekly gain. 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