Oil was steady near $60 a barrel in Asian trading as investors assessed an uneven demand outlook amid rising Covid-19 cases in some regions and an impending increase in supply.<\/p>\n
Futures in New York edged higher after rising 0.6% Monday. Pockets of higher fuel consumption are emerging as vaccination rates increase, but the flare-up of cases is leading to renewed lockdowns and restrictions in some countries. Adding to the bearish outlook is the prospect for more supply from the US next month, which will coincide with an uptick in output from OPEC+.<\/p>\n
Oil remains stuck near $60 a barrel after a rally faltered in mid-March amid concerns over near-term demand following a resurgence of the virus. Despite the recovery wobbles, OPEC+ is betting on higher consumption in the coming months and will soon start adding more crude to the market. The Organization of Petroleum Exporting Countries will provide an update on the outlook for consumption of its crude in a monthly report later Tuesday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil was steady near $60 a barrel in Asian trading as investors assessed an uneven demand outlook amid rising Covid-19 cases in some regions and an impending increase in supply. Futures in New York edged higher after rising 0.6% Monday. Pockets of higher fuel consumption are emerging as vaccination rates increase, but the flare-up of cases is leading to renewed lockdowns and restrictions in some countries. Adding to the bearish outlook is the prospect for more supply from the US next month, which will coincide with an uptick in output from OPEC+. Oil remains stuck near $60 a barrel after […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-410513","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/410513","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=410513"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/410513\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=410513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=410513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=410513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}