LONDON: Oil costs fell on Friday as bond worth rout led to positive factors within the U.S. greenback whereas crude provide is anticipated to rise in response to costs climbing above pre-pandemic ranges.
Brent crude futures for April, which expire on Friday, fell 69 cents, or 1%, to $66.19 a barrel by 1442 GMT. The extra actively traded Could contract slipped by 80 cents to $65.31.
U.S. West Texas Intermediate (WTI) crude futures dropped $1.00, or 1.5%, to $62.53.
A sell-off in bond markets lifted the U.S. greenback, making dollar-priced oil dearer for holders of different currencies.
Friday’s positive factors additionally replicate profit-taking after each Brent and WTI headed in direction of month-to-month positive factors of about 20% on provide disruptions in the USA and optimism over demand restoration on the again of COVID-19 vaccination programmes.
Buyers are betting that subsequent week’s assembly of the Group of the Petroleum Exporting Nations (OPEC)) and allies, a bunch often known as OPEC+, will lead to extra provide returning to the market.
“Oil costs have gone too far and too quick. Brent is above pre-pandemic ranges though international oil demand continues to be enjoying catch-up,” PVM analysts mentioned.
For all of the discuss of tightening fundamentals, the demand facet of the market is nowhere close to warranting present oil worth leves, they added.
U.S. crude costs additionally face stress from the lack of refinery demand after a number of Gulf Coast services have been shuttered in the course of the winter storm final week.
Refining capability of about 4 million barrels per day (bpd) continues to be shut and it may take till March 5 for all shut capability to renew, although there may be threat of delays, analysts at J.P. Morgan mentioned in a be aware this week.
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