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Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand. Brent crude was up by 29 cents, or 0.4%, at $69.33 a barrel by 0359 GMT, after falling 2.3% […]
Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand.
Brent crude was up by 29 cents, or 0.4%, at $69.33 a barrel by 0359 GMT, after falling 2.3% on Monday. U.S. oil was up by 46 cents, or 0.7%, at $66.94 a barrel, having fallen by 2.6% in the previous session.
China on Monday reported more COVID-19 infections in the latest outbreak of the disease that was first detected in the country in late 2019, in what analysts said was the biggest test of Beijing’s zero-infection strategy.
Some cities in China, the world’s top crude oil importer, have stepped up mass testing as authorities try to stamp out locally transmitted infections of the highly transmissible Delta variant of the coronavirus. read more
“There is still plenty of uncertainty about how the Covid-19 situation in China will evolve and what this means for oil demand and prices,” ING Economics said in a note, adding that a stronger U.S. dollar was also weighing on prices.
In the United States, the Senate is set to vote on the passage of a $1 trillion infrastructure bill later on Tuesday, which, if passed would boost the economy and demand for oil products, analysts said.
But surging cases of COVID-19 are blighting the outlook for economic growth and overall consumption.
“Investors are also questioning the recovery in the U.S. amid rising case numbers. U.S. air travel has plateaued for almost two months amid ongoing travel restrictions,” ANZ Research said in a note.
Still, U.S. crude, gasoline, and other product inventories are likely to have dropped last week, with gasoline stocks forecast to fall for a fourth consecutive period, a preliminary Reuters poll showed on Monday.
Crude oil inventories are expected to have fallen by about 1.1 barrels in the week to Aug. 6, according to the average estimate of six analysts polled by Reuters.
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The Shahid Mahdavi, an Iranian warship equipped with both long-range ballistic and cruise missiles, has achieved a significant maritime milestone by crossing the Equator during its latest mission, officially entering the southern hemisphere.
Iranian Offshore Oil Company (IOOC) has increased offshore oil and gas condensate production by 21 percent over the last Iranian calendar year, 1402 (ended on March 19), an official with the company announced.
The value of Iran’s foreign trade (total imports and exports) registered a 47.63 percent hike in the first month of the current Iranian calendar year (March 19 to April 22, 2024), based on the data released by the Islamic Republic of Iran Customs Administration (IRICA).
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