U.S. West Texas Intermediate and international-benchmark Brent crude oil
futures are trading sideways-to-lower on Tuesday, weighed down by
worries that the fast-spreading strain of coronavirus in the United
Kingdom could slow the fuel-demand recovery.To get more news about
WikiFX, you can visit wikifx official website.
Detection of the new strain prompted several countries to close
their borders to Britain, though a British minister said the U.K. and
France are working to reopen one of Europes most important trade routes.
At 14:15 GMT, February WTI crude oil is at $47.20, down $0.77 or
-1.61% and February Brent crude oil is trading $50.21, down $0.70 or
-1.37%.
Both benchmarks slid nearly 3% on Monday, partly erasing recent
gains driven by the rollout of COVID-19 vaccines, seen as key to
allowing a return to normal life.
Oil gained support from U.S. Congress approval of an $892 billion coronavirus aid package after months of inaction.
Chinas 2020 Crude Oil Production to Reach 3.87 Mln Bpd – Energy Chief
China‘s crude oil production in 2020 is set to reach 194 million
tonnes, equivalent to 3.87 million barrels per day, the director of the
country’s National Energy Administration (NEA) was reported as saying by
the official Xinhua news agency on Tuesday.
That would represent a second straight year-on-year rise, a 1.6%
increase on the 191.01 million tonnes China produced in 2019 and the
highest annual output total since 2016, according to data from the
National Bureau of Statistics.
The increase comes following a jump in output from the onshore
Changqing and Tarim oilfields, as well as in Bohai Bay, NEA Director
Zhang Jianhua said.
China, the worlds biggest energy consumer, was also its
sixth-biggest oil producer in 2019, according to the International
Energy Agency.
[fx-article-ad]Iran Sees Russia as ‘Strategic Partner’, Views Close within OPEC+, Zanganeh Says
Iran sees Russia as a “strategic partner” and the two countries
share close views within the OPEC+ alliance, Oil Minister Bijan Zanganeh
was quoted by the Iranian oil ministrys news agency SHANA as saying in
Moscow on Monday.
We see Russia as a strategic partner and this partnership will not
change with the warm and cold atmosphere in the international arena…The
views of both sides were close in talks (about OPEC+ cooperation),
Zanganeh said after meeting Russian Deputy Minister Alexander Novak,
SHANA reported.
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