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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 Director General of the International Atomic Energy Agency (IAEA) has urged increased cooperation of Iran with the agency, despite the country’s full commitment to the issue.
Iraj Elahi, the ambassador of Iran to India, has said that Iranian President Ebrahim Raisi will pay a visit to India later this year.
The loading and unloading of goods in the ports of Iran increased by four percent in the previous Iranian calendar year 1402 (ended on March 19), as compared to the same period in a year earlier, the data released by the country’s Transport and Urban Development Ministry showed
You might be quick to peel away the skins of your favorite fruits and vegetables to get to that delicious, juicy flesh inside. But that cast-aside outer layer is a treasure trove of nutrients, vitamins, and fiber and adds some delightful texture and depth of flavor to meals
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