Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Thursday February 25 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Oil gains but heading for weekly fall over coronavirus demand concerns

25 September 2020 14:29 (UTC+04:00)
2 155

By Trend

Oil prices rose on Friday but are on track for a weekly fall because of rising concerns about the global resurgence of coronavirus infections and its effects on fuel demand, while the likely return of exports from Libya will add to supply, Trend reports with reference to Reuters.

Brent crude LCOc1 was up 17 cents at $42.11 a barrel by 0346 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 16 cents to $40.47.

Brent is heading for a drop of around 2.5% this week with U.S. crude on track for a decline of about 1.5%. Both benchmarks are also heading for a monthly decline, which would be the first for Brent in six months.

“Fundamentally, nothing has changed to the supply side of the equation that is weighing on oil prices in the bigger picture,” said Jeffrey Halley, senior market analyst at OANDA.

An oil tanker was loading a cargo on Thursday from one of three Libyan terminals that were reopened in recent days and more cargoes are expected to be lifted in the coming days.

In the United States, which has the highest death toll from the coronavirus pandemic and is the world’s biggest oil consumer, unemployment claims unexpectedly rose last week suggesting an economic recovery is flailing and pushing down fuel demand.

U.S. fuel demand remains in the doldrums as the pandemic constrains travel. The four-week average of gasoline demand last week was 9% below a year earlier, government data showed on Wednesday.

In other parts of the world, daily increases of coronavirus infections are hitting records and new restrictions are being put in place that will likely limit travel and fuel demand.

In India, throughput by crude oil refiners in August fell 26.4% from a year ago, the most in four months, as fuel demand ebbed because surging coronavirus cases hindered industrial and transport activity.

“Crude prices will have difficulty rallying, on a structural basis, unless refining margins lead the path higher,” RBC Capital Markets said in a note.

The profit from producing fuels from benchmark Dubai crude at a refinery in Singapore was 26 cents a barrel on Thursday, down from $8.03 a year earlier.

--

Follow us on Twitter @AzerNewsAz         

  • #OIL PRICES

Related News

Oil prices drop on surprise build in U.S. crude stocks

Oil prices drop on surprise build in U.S. crude stocks

24 February 18:23
Oil prices climb as deep freeze shuts U.S. oil wells, curbs refineries

Oil prices climb as deep freeze shuts U.S. oil wells, curbs refineries

16 February 13:00
Oil prices dip on rising virus cases; expected stock draw stems losses

Oil prices dip on rising virus cases; expected stock draw stems losses

12 January 15:34
Oil hits 11-month high after Saudi Arabia pledges voluntary output cut

Oil hits 11-month high after Saudi Arabia pledges voluntary output cut

6 January 15:14
Oil prices touch multi-month highs as OPEC+ expected to cap output

Oil prices touch multi-month highs as OPEC+ expected to cap output

4 January 15:50
Oil price rally builds steam as coronavirus vaccine rollouts begin

Oil price rally builds steam as coronavirus vaccine rollouts begin

11 December 2020 12:19
IMF: Oil prices to average at $41 in 2020

IMF: Oil prices to average at $41 in 2020

14 October 2020 17:58
Oil prices steady after falling amid return of supply

Oil prices steady after falling amid return of supply

13 October 2020 13:28
Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery

Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery

10 September 2020 11:18
Oil prices fall as fuel demand concerns grow after end of U.S. summer driving season

Oil prices fall as fuel demand concerns grow after end of U.S. summer driving season

8 September 2020 11:44
  • Latest
  • Popular
24 February 19:00 • Turkmenistan, Turkey sign co-op program for 2021-2022
24 February 18:36 • Azerbaijan's Innovation Agency becomes first full-fledged member of IASP in region
24 February 18:23 • Oil prices drop on surprise build in U.S. crude stocks
24 February 18:10 • Azerbaijani oil prices continue to grow
24 February 17:50 • Demand for notes of CBA exceeds supply
24 February 17:44 • EU Special Representative Toivo Klaar to visit Georgia and Azerbaijan
24 February 17:37 • Azerbaijan to use wastes from Dashkasan ore deposit
24 February 17:09 • Large amount of ammunition seized in liberated Jabrayil
24 February 16:58 • Azerbaijan participates in IDEX-21 defence expo
24 February 16:52 • Azerbaijan releases footage on airstrikes of Su-25 attack on Armenian Armed Forces during Karabakh war [PHOTO/VIDEO]
24 February 16:49 • Armenia used Iskander type missile against Azerbaijan, but it did not explode - Armenian PM
24 February 16:33 • WHO conducts assessment mission in conflict-affected districts of Azerbaijan
24 February 16:24 • Turkish, Azerbaijani and Turkmen FMs adopt joint statement following trilateral meeting [PHOTO]
24 February 16:17 • Azerbaijan, Turkey to boost cooperation in insurance field
24 February 15:49 • Azerbaijan, Mongolia start first political consultations
24 February 15:36 • Azerbaijan discloses statistics of people infected with coronavirus
24 February 15:23 • Uzbekistan, Belarus to facilitate organization of direct tourist exchange
24 February 15:17 • Armenian army general admits ballistic missile launch on Shusha
24 February 15:15 • Azerbaijan investigating tourism potential of liberated lands - State Tourism Agency
24 February 14:59 • Azerbaijani Parliament approves MoU on 'Dostlug' field
24 February 10:00 • Italian municipalities adopt documents in support of Azerbaijan
24 February 11:44 • Twitter removes 35 Armenia-tied accounts created to target Azerbaijan
24 February 12:12 • Hungarian companies to participate in restoration of Azerbaijan's liberated lands
24 February 12:38 • National chess players to compete at European Cup
24 February 10:45 • Azerbaijani, Turkish FMs mull new regional realities, Karabakh peace deal
24 February 10:37 • National judokas to compete at Tashkent Grand Slam 2021
24 February 11:00 • Water Tuesday celebrated in Nagorno-Karabakh region
24 February 13:31 • Volume of transit cargo between Azerbaijan, Argentine hits 28 tons in 2020
24 February 15:17 • Armenian army general admits ballistic missile launch on Shusha
24 February 15:49 • Azerbaijan, Mongolia start first political consultations
24 February 13:17 • Armenian police detain about 60 protesters demanding PM's resignation
24 February 16:49 • Armenia used Iskander type missile against Azerbaijan, but it did not explode - Armenian PM
24 February 12:59 • AzSTC to publish pearls of world literature
24 February 16:52 • Azerbaijan releases footage on airstrikes of Su-25 attack on Armenian Armed Forces during Karabakh war [PHOTO/VIDEO]
24 February 11:37 • Azerbaijan suspends import of poultry products from regions of Iran, Scotland
24 February 10:15 • First VP Mehriban Aliyeva expresses condolences to family of People’s Artist
24 February 09:50 • Azerbaijani president congratulates new Georgian PM
24 February 14:20 • Azerbaijan's Parliament increases rates for some excisable goods
24 February 18:23 • Oil prices drop on surprise build in U.S. crude stocks
24 February 17:37 • Azerbaijan to use wastes from Dashkasan ore deposit
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved