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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil is declining as the Suez ship float back and market pressure on demand

    Rocky
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    • Post n°1

    Oil is declining as the Suez ship float back and market pressure on demand Empty Oil is declining as the Suez ship float back and market pressure on demand

    Post by Rocky Mon 29 Mar 2021, 7:42 am

     Oil is declining as the Suez ship float back and market pressure on demand

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    Oil fell as rescue teams re-float the giant ship that was blocking the Suez Canal, and traders weighed the impact of the renewed shutdown on global demand ahead of the OPEC + policy meeting.
    Oil is still preparing to close its fourth consecutive quarterly gains this week, buoyed by ongoing supply restrictions imposed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, and optimism that global demand will expand with the launch of coronavirus vaccines. But the continuation of three weekly losses for Brent and WTI crude oiled, leading to speculation that OPEC + will once again refrain from easing restrictions when ministers meet on April 1.
    "With the uncertainty in Suez and OPEC + and demand fogs, we might see big mood swings and high volatility during the day," said Vandana Hari, energy consultant Vanda Insights.
    Brent oil fell $ 2.38, or 2.14 percent, to $ 63.02 a barrel by 05:21 GMT, and US crude fell $ 1.46, or 2.38 percent, to $ 59.55 a barrel. Murban for June delivery was trading at $ 62.09 a barrel on the Abu Dhabi Futures Exchange.
    The crisis in the Suez Canal caused a large accumulation of ships on both sides of the vital waterway, and prompted some ships to avoid congestion by taking the longer and more expensive route around Africa, and the prices of tankers increased, which boosted the cost of shipping crude around the world.
    Despite advances in vaccines, the Covid-19 pandemic remains a challenge. Global cases rose for a fifth week, with several European countries re-emerging. Brisbane, Australia's third-largest city by population, will enter a three-day lockdown, while the Indian state of Maharashtra - which includes Mumbai - has asked authorities to prepare for another lockdown if no recovery in Asia is suppressed as well. The Philippine capital is also back under restrictions. Strict.
    Prices are getting some support from expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will maintain low production levels when they meet this week.
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