{"id":235732,"date":"2021-04-26T17:14:00","date_gmt":"2021-04-26T14:14:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oil-prices-move-lower-on-covid-19-worries-in-india\/"},"modified":"2021-04-26T17:14:00","modified_gmt":"2021-04-26T14:14:00","slug":"oil-prices-move-lower-on-covid-19-worries-in-india","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oil-prices-move-lower-on-covid-19-worries-in-india\/","title":{"rendered":"#\n  Oil prices move lower on COVID-19 worries in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4072d5db3da\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4072d5db3da\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-move-lower-on-covid-19-worries-in-india\/#Myra_P_Saefong_and\" >Myra P. Saefong and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-move-lower-on-covid-19-worries-in-india\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Oil prices move lower on COVID-19 worries in India<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000245358\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Oil futures fell Monday, extending last week\u2019s loss as investors continued to monitor rising COVID-19 cases in India and other countries ahead of a meeting later this week of the Organization of the Petroleum Exporting Countries and its allies \u2014 a group known as OPEC+.<\/p>\n<p> India\u2019s COVID-19 \u201cnightmare is impacting oil prices and may cause OPEC+ to cut back production of oil instead of standing pat\u201d with the previous agreement to gradually lift production from May through July, said Phil Flynn, senior market analyst at The Price Futures Group.<\/p>\n<div class=\"paywall\">\n       India is recording more than a third of all new COVID-19 cases globally each day, or an average of more than 260,000 daily in the last week. India has suffered 195,123 deaths, according to its official numbers, or fourth-highest in the world, although those numbers are understood to be underreported.<\/p>\n<p>There are some estimates that the situation in India could lead to \u201ca 300,000 barrel a day reduction in oil demand, and that is weighing on prices,\u201d said Flynn, in a note.<\/p>\n<p>West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude for June delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.16%<\/bg-quote><\/p>\n<p>        CLM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724872\/delayed\" class=\"negative\">-1.16%<\/bg-quote><br \/>\n       fell 83 cents, or 1.3%, to $61.31 a barrel on the New York Mercantile Exchange. June Brent crude<br \/>\n        BRNM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705363\/delayed\" class=\"negative\">-1.27%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was off 95 cents, or 1.5%, at $65.16 a barrel on ICE Futures Europe.<\/p>\n<p>The number of daily cases in India has hit a record of almost 350,000, and \u201cwhile the government has not imposed a national lockdown, we are instead seeing regional restrictions,\u201d said Warren Patterson, head of commodities strategy at ING, in a note. Given that, \u201cthe impact on\u00a0oil\u00a0demand, at least for now, will not be as severe as we saw during the national lockdown last year.\u201d<\/p>\n<p>\u201cHowever, there will clearly be some impact, and some refiners in the country are already reacting to weaker fuel demand by reducing run rates,\u201d he said.<\/p>\n<p><strong>Read:<\/strong> COVID-19 crisis deepens in India as the U.S. and others pledge help<\/p>\n<p>Uncertainty over the demand outlook will be a topic for discussion when OPEC+ officials meet this week. They will also need to weigh the possible outcome of the Iranian nuclear talks and the potential return of the country\u2019s crude output to the market, Patterson said.<\/p>\n<p><strong>Read:<\/strong> Here are the biggest risks to oil\u2019s rally<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>ING assumes Iranian supply could return to 3 million barrels a day by the end of the year, up from around 2.3 million barrels a day at present, but the firm\u2019s balance sheet still shows the market would draw down inventories, he said, indicating that while Iran headlines could dent sentiment, the development might not prove as bearish as it first <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears.<\/p>\n<p><strong>Related:<\/strong> Here\u2019s how fast Iran could boost oil output after agreement on nuclear deal<\/p>\n<p>For now, \u201cthe rampant spread of COVID-19 in India, continued delays in vaccine roll-out in Europe, and fears regarding the potential for a deal with Iran, all are likely to keep prices down,\u201d said The Price Futures Group\u2019s Flynn.<\/p>\n<p>Back on Nymex, petroleum product futures also moved lower, with May gasoline<br \/>\n        RBK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210287225\/delayed\" class=\"negative\">-1.81%<\/bg-quote><br \/>\n       down 1.7% at $1.96 a gallon and May heating oil<br \/>\n        HOK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210063758\/delayed\" class=\"negative\">-0.90%<\/bg-quote><br \/>\n       losing 0.8% to $1.86 a gallon.<\/p>\n<p>May natural gas<br \/>\n        NGK21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190558\/delayed\" class=\"negative\">-0.11%<\/bg-quote><br \/>\n       shed 0.4% to $2.72 per million British thermal units.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong_and\"><\/span>Myra P. Saefong and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"William Watts\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"William_Watts\"><\/span>William Watts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D3BE6ED39BD7%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Oil prices move lower on COVID-19 worries in India &#8221; Oil futures fell Monday, extending last week\u2019s loss as investors continued to monitor rising COVID-19 cases in India and other countries ahead of a meeting later this week of the Organization of the Petroleum Exporting Countries and its allies \u2014 a group known as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":235653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-235732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/235732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=235732"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/235732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/235653"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=235732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=235732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=235732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}