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Oil prices bounce back on tight inventories

Category: Economy

Date: 2021-11-16T05:49:16+0000
Oil prices bounce back on tight inventories

Shafaq News / Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe.

Brent futures added 61 cents, or 0.74%, to $82.66 a barrel, as of 0421 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 54 cents, or 0.67%, to $81.42 a barrel.

Russian crude grades sold in Asia fetched the highest spot premiums in 22 months for cargoes loading in January, extending gains for a fourth straight month as robust demand and firm refining margins support prices, trade sources said on Tuesday.

Still, worries about demand destruction due to the COVID-19 pandemic weighed.

Europe has again become the epicentre of the COVID-19 pandemic, prompting some governments to consider re-imposing lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant. 

The Organization of the Petroleum Exporting Countries (OPEC) last week cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day (bpd) from last month's forecast, as high energy prices hampered economic recovery from the COVID-19 pandemic.

Fears of declining demand come as supplies are expected to rise.

Source: Reuters

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