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2021-08-23

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Brent Oil Edges Higher Following Worst Losing Streak Since 2018

Brent oil edged higher after capping the longest run of declines in more than three years amid econo

Brent Oil Edges Higher Following Worst Losing Streak Since 2018

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The spread of the delta variant of the virus has led totightening restrictionson mobility in some regions, most notably in China, clouding the outlook. The dollar strengthened last week on haven demand, making raw materials such as oil priced in the currency more expensive.</p>\n<p><img src=\"https://static.tigerbbs.com/e13d05596cf74689e07d20c72d1afa27\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>Oil’s scorching rally over the first half of the year has run into stiff headwinds recently as the rapid spread of delta across the globe raised questions about the outlook for fuel demand. The resurgence may prompt OPEC+ to reassess its pledge to keep&nbsp;boosting output&nbsp;each month as renewed lockdowns and curbs on travel crimp fuel consumption. The group next meets on Sept. 1.</p>\n<table>\n <thead>\n  <tr>\n   <th>PRICES</th>\n  </tr>\n </thead>\n <tbody>\n  <tr>\n   <td>\n    <ul>\n     <li>Brent for October settlement rose 0.5% to $65.48 on the ICE Futures Europe exchange at 7:36 a.m. in Singapore after slumping 7.7% last week, the most since October.</li>\n     <li>West Texas Intermediate for October delivery added 0.4% to $62.37 on the New York Mercantile Exchange after losing 2.1% on Friday.</li>\n    </ul></td>\n  </tr>\n </tbody>\n</table>\n<p>The Covid-19 flare-up has also weakened the oil futures curve. The prompt times&nbsp;pread for Brent was 44 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 92 cents at the end of July.</p>\n<p>Daily average fatalities have climbed in the U.S., while average weekly cases now surpass 1 million as delta continues to spread, according to data compiled by Johns Hopkins University and Bloomberg. The spread has forced Australia and New Zealand toreviewtheir strategies of eliminating infections.</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>Brent Oil Edges Higher Following Worst Losing Streak Since 2018</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\">\nBrent Oil Edges Higher Following Worst Losing Streak Since 2018\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-23 08:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-22/brent-oil-steady-at-open-after-longest-losing-streak-since-2018><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Brent oil edged higher after capping the longest run of declines in more than three years amid economic strains from the latest Covid-19 comeback and U.S. dollar strength.\nFutures in London rose 0.5% ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-22/brent-oil-steady-at-open-after-longest-losing-streak-since-2018\">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/2021-08-22/brent-oil-steady-at-open-after-longest-losing-streak-since-2018","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103263246","content_text":"Brent oil edged higher after capping the longest run of declines in more than three years amid economic strains from the latest Covid-19 comeback and U.S. dollar strength.\nFutures in London rose 0.5% after falling for a seventh session Friday, the worst streak since February 2018. The spread of the delta variant of the virus has led totightening restrictionson mobility in some regions, most notably in China, clouding the outlook. The dollar strengthened last week on haven demand, making raw materials such as oil priced in the currency more expensive.\n\nOil’s scorching rally over the first half of the year has run into stiff headwinds recently as the rapid spread of delta across the globe raised questions about the outlook for fuel demand. The resurgence may prompt OPEC+ to reassess its pledge to keep boosting output each month as renewed lockdowns and curbs on travel crimp fuel consumption. The group next meets on Sept. 1.\n\n\n\nPRICES\n\n\n\n\n\n\nBrent for October settlement rose 0.5% to $65.48 on the ICE Futures Europe exchange at 7:36 a.m. in Singapore after slumping 7.7% last week, the most since October.\nWest Texas Intermediate for October delivery added 0.4% to $62.37 on the New York Mercantile Exchange after losing 2.1% on Friday.\n\n\n\n\nThe Covid-19 flare-up has also weakened the oil futures curve. The prompt times pread for Brent was 44 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 92 cents at the end of July.\nDaily average fatalities have climbed in the U.S., while average weekly cases now surpass 1 million as delta continues to spread, according to data compiled by Johns Hopkins University and Bloomberg. The spread has forced Australia and New Zealand toreviewtheir strategies of eliminating infections.","news_type":1},"isVote":1,"tweetType":1,"viewCount":186,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}