Breaking News
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. Upgrade now
0
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. More details

UPDATE 9-Oil prices steady as virus deaths rise, demand worries persist

CoronavirusJan 26, 2021 22:54
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

* Blast heard in Saudi capital Riyadh, cause unclear
* Death toll in Britain from coronavirus passes 100,000
people
* U.S. crude stocks drop, fuel inventories higher -API

(Adds API data)
By Devika Krishna Kumar
NEW YORK, Jan 26 (Reuters) - Oil prices were little changed
on Tuesday as rising coronavirus deaths fed worries about the
global demand outlook, but losses were capped by reports of a
blast in Saudi Arabia.
Brent crude LCOc1 ended the session up 3 cents, or 0.05%,
at $55.91 while U.S. crude fell 16 cents, or 0.3%, to settle at
$52.61.
U.S. crude futures pared losses and Brent crude inched
higher in post-settlement trade after data from the American
Petroleum Institute showed U.S. crude inventories fell by 5.3
million barrels in the week to Jan. 22 to about 481.8 million
barrels, compared with analysts' expectations in a Reuters poll
for a build of 430,000 barrels. API/S
Indonesia, the world's fourth-most-populous country,
surpassed a million confirmed coronavirus cases on Tuesday while
the death toll in Britain passed 100,000 people as the
government battled to speed up vaccination delivery and keep
variants of the virus at bay.
The number of cases in the United States crossed 25 million
on Sunday, a Reuters tally showed. Further dampening bullish sentiment, U.S. Democrats are
still trying to convince Republican lawmakers of the need for
more stimulus, raising questions over when and in what form a
package will be approved. "Big COVID numbers, vaccine struggles and uncertainty
surrounding the Biden stimulus plan, are all conspiring to
pressure prices," said Robert Yawger, director of energy futures
at Mizuho Securities USA.
Compared to some other countries, vaccine roll-outs in the
European Union have been slow and fraught with problems, not
least interruptions to supply chains. Prices edged up briefly after reports of a blast in the
Saudi Arabian capital Riyadh, although the cause was unclear.
Oil prices were also supported by geopolitical tensions
after two supertankers, with crew members from Iran and China,
were seized on Sunday in Indonesian waters near Kalimantan
island for suspected illegal oil transfers.
"Prices are likely to hold back if the Indonesian vessel
seizure gets resolved quickly and if today's blast in Saudi
Arabia proves to be an isolated incident that does not escalate
regional tensions, consequently not affecting oil output," said
Rystad Energy's head of oil markets Bjornar Tonhaugen.
"Oil demand is definitely under pressure currently and will
be for a while until lockdowns are lifted and COVID-19 infection
speed slows down"
China is reporting rising COVID-19 cases, casting a pall
over demand prospects in the world's largest energy consumer.
Elsewhere, Indian crude oil imports in December
rose to their highest in more than two years.
Raising the prospect of higher oil demand later in the year,
the International Monetary Fund predicted global growth of 5.5%
in 2021, an increase of 0.3 percentage points from the October
forecast, citing expectations of a vaccine-powered
uptick. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
GRAPHIC: U.S. oil may retest resistance at $52.98
Brent oil may rise into $56.21-$56.64 range
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

UPDATE 9-Oil prices steady as virus deaths rise, demand worries persist
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.
 
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