Oil Claws Back Losses After Selloff Despite Delta Demand Fears

Bloomberg2021-08-10

(Bloomberg) -- Oil advanced from a three-week low as investors bet that the global demand recovery will remain intact despite the fast-spreading delta virus variant leading to tighter restrictions in ...

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Comments

RajaV
2021-08-10
RajaV
Nice
- ChooiLing:
  nice
THB
2021-08-10
THB
[What]
- THB:
  一

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Delta has led to rising infections and curbs on movement, most notably in China where crude refining is set to be scaled back and air travel has slumped. However, expectations are that global demand will accelerate and tighten the market through the end of the year.\nDelta has raised concerns about the short-term demand outlook and interrupted a rally in oil that saw prices advance more than 50% over the first half of the year. The resurgence is crimping fuel consumption just as the OPEC+ alliance returns more supply to the market that it halted during the pandemic.\nChina Petroleum & Chemical Corp., the nation’s biggest refiner that’s commonly known as Sinopec, is cutting run rates at some plants by 5% to 10% compared with previously planned levels this month, according to Jean Zou, an analyst at commodities researcher ICIS-China. 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