{"id":343788,"date":"2020-03-27T11:21:56","date_gmt":"2020-03-27T05:51:56","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=343788"},"modified":"2020-03-27T11:58:14","modified_gmt":"2020-03-27T06:28:14","slug":"oil-set-for-weekly-gain-on-risk-rally-despite-demand-devastation","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-set-for-weekly-gain-on-risk-rally-despite-demand-devastation\/","title":{"rendered":"Oil set for weekly gain on risk rally despite demand devastation"},"content":{"rendered":"<p>Bloomberg) &#8212; Oil was buoyed by a wider risk rally driven by monetary and fiscal responses to the coronavirus to head for its first weekly gain in five, despite a continued deterioration in demand.<\/p>\n<p>Futures in New York rose above $23 a barrel on Friday and are up around 4% this week after losing more than half of their value since mid-February. Global stocks staged a partial recovery this week as central banks sought to cushion the blow from the virus, while the U.S. Senate passed a $2 trillion rescue package for the world\u2019s largest economy.<\/p>\n<p>Crude\u2019s recovery looks fragile though, given the extent of demand loss and the deluge of new supply following the breakup of the OPEC+ alliance. The International Energy Agency warned that oil consumption could fall by as much as 20 million barrels a day, while industry consultant IHS Markit said the world will run out of places to store oil in as little as three months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg) &#8212; Oil was buoyed by a wider risk rally driven by monetary and fiscal responses to the coronavirus to head for its first weekly gain in five, despite a continued deterioration in demand. Futures in New York rose above $23 a barrel on Friday and are up around 4% this week after losing more than half of their value since mid-February. Global stocks staged a partial recovery this week as central banks sought to cushion the blow from the virus, while the U.S. Senate passed a $2 trillion rescue package for the world\u2019s largest economy. Crude\u2019s recovery looks fragile [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-343788","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/343788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=343788"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/343788\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=343788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=343788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=343788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}