Oil falls amid stockpiling concern; European vaccine woe threatens demand By Reuters

© Reuters. Views of Total Grandpuits oil refinery

TOKYO (Reuters) – Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations.

was down 58 cents, or 0.8%, at $68.30 by 0041 GMT, having dropped 0.5% on Monday. was down 61 cents, or 0.9%, at $64.78 a barrel, after declining 0.3% in the previous session.

Germany, France and Italy plan to suspend AstraZeneca (NASDAQ:) PLC COVID-19 injections after reports of possible serious side effects, although the World Health Organization said there was no established link to the vaccine.

These moves are deepening concerns over a slow pace of vaccinations in the region, which may delay any economic recovery from the pandemic in one of the hardest-hit areas.

The pandemic eviscerated demand for oil but prices have recovered to levels before the global health crisis, only to be capped as vaccination rollouts have been slow in most countries.

In the United States, stockpiles are also rising because of last month’s “big freeze” which halted refining operations that have taken time to fully return.

“Crude oil inventories have increased substantially in recent weeks, as a result of U.S. refinery disruptions, which have seen crude oil stocks approaching 500 million barrels,” ING Economics said in a client note.

The American Petroleum Institute, an industry group, will report crude stock pile levels later on Tuesday, followed by official numbers from the Department of Energy on Wednesday, with analysts expecting another week of gain. [API/S]

Crude inventories increased by 12.8 million barrels in the week to March 5, against analysts’ expectations for a rise of less than 1 million barrels.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function()
{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by : Reuters

Source link

Capital Media

Read Previous

IMF / GLOBAL FINANCIAL STABILITY REPORT

Read Next

Yellen to meet religious leaders, NGO group pushing for debt relief By Reuters