Containing the registration storm    Why do we need to tell our story?    City beat Wolves 4-1 for 21st straight win, 15 clear in EPL    On the Weekly's 30th anniversary    Three decades and counting    From the trading floor    Major steps on natural gas    A diplomatic challenge    Bahrain expects $3.2 bln deficit in 2021, 5% economic growth    Don't miss the online jazz concert of Italian artist Rita Marcotulli    Mutaz Elemam's show at UBUNTU is a must see    Don't miss Islam Zaki's exhibition at Gezira Arts Centre    US imposes sanctions on Russia over poisoning of Navalny    Egypt's stocks close lower on Tuesday, benchmark EGX 30 falls 0.43    Koeman says Bartomeu arrest bad for Barcelona image but focused on Sevilla Cup tie    BREAKING: Egypt, Sudan call for international mediation to reach legally binding agreement on GERD    Egypt seen foreign investment in debt instruments hits record high    Austria and Denmark break ranks with EU to produce vaccines with Israel    US supports ‘constructive' efforts to reach deal on GERD dispute: State Department Spokesman    Huawei launches HUAWEI FreeLace Pro in Egypt with extra-long battery life and top-grade noise cancellation    Implementation of controversial property registration law will be delayed 2 years on Sisi orders    Olympics: Tokyo 2020 organisers to raise ratio of women on its board to 42%    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    1st hours of registration for coronavirus vaccine seen 7,000 Egyptians signing up: ministry    Second coronavirus wave in Egypt more serious, widespread: statistics authority    Egypt lifts ban on Ramadan's Taraweeh prayers in some mosques coronavirus continues for a 2nd year    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    Russian flights to return to Sharm el-Sheikh and Hurghada for first time since 2015    Australia slams Facebook's move to block news as unnecessary and heavy-handed    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Oil slips as COVID-19 and demand concerns weigh ahead of supply report
Published in Ahram Online on 27 - 01 - 2021

Oil slipped further below $56 a barrel on Wednesday as persistent concerns about demand countered industry data showing U.S. crude inventories fell unexpectedly.
The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories fell by 5.3 million barrels. Analysts expect them to rise in a Reuters poll ahead of official inventory figures due at 1530 GMT.
Brent crude slipped 37 cents or 0.7% to $55.54 a barrel by 1447 GMT, giving up an earlier gain. U.S. West Texas Intermediate (WTI) crude fell 31 cents to $52.30.
“Demand concerns should remain with us for some time,” Eugen Weinberg of Commerzbank said.
Brent on Jan. 13 hit an 11-month high of $57.42, having recovered from a 21-year low below $16 in April due to a demand recovery particularly in China and huge supply cuts by OPEC and its allies, known as OPEC+.
“Oil continues consolidating,” said Jeffrey Halley of brokerage OANDA. “The Saudi Arabian cuts, OPEC+ compliance above 85% and an insatiable demand from Asia means that oil has seen its cyclical lows for 2021.”
As well as the inventory report, in focus later on Wednesday will be the results of the U.S. Federal Reserve's two-day policy meeting. Analysts expect the Fed to stick to its dovish tone to help speed the economic recovery.
Still, the number of global coronavirus cases has surpassed 100 million as infections rise in Europe and the Americas, and Asia scrambles to contain fresh outbreaks.
China, the second-largest oil consumer, has recently seen a coronavirus resurgence, but official Chinese data showed 75 new confirmed cases of COVID-19 on Wednesday, the lowest daily rise since Jan. 11.


Clic here to read the story from its source.