Thursday, January 16, 2025
Oil up as robust China trade data offsets returning supply- oil and gas 360

Oil up as robust China trade data offsets returning supply

Reuters NEW YORK  – Oil prices rebounded on Tuesday as robust data from China offset returning supply in other regions but gains were limited due to forecasts for a slow recovery in global oil demand as coronavirus cases rise. Brent crude futures LCOc1 were up 40 cents, or 1%, to $42.12 a barrel by 10:33 a.m. ET (1433 GMT.) U.S. West Texas

OPEC cuts 2021 oil demand forecast again as virus cases rise- oil and gas 360

OPEC cuts 2021 oil demand forecast again as virus cases rise

Reuters LONDON – World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market. Demand will rise by 6.54 million barrels per day(bpd) next year to 96.84 million bpd, the Organization of the Petroleum Exporting Countries said