Crude Oil Tops $66 as China’s Recovery Aids Outlook for Bulls

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Crude Oil Tops $66 as China’s Recovery Aids Outlook for Bulls

Bloomberg2021-03-15

(Bloomberg) -- Oil opened the week in robust form after a raft of economic data from China added to signs of recovery from the coronavirus pandemic just as the OPEC+ alliance presses on with output ...

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Xanpai
·2021-03-15
Nice
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Darxrex
·2021-03-15
Good
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SNOOKER76
·2021-03-15
Good article
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Figures from China for the first two months of the year showed a surge in industrial output, underscoring the strength of its V-shaped recovery and reinforcing expectations for increased energy demand. Citigroup Inc. raised its full-year Brent forecast and warned of spikes to $80 a barrel.\nCrude has rallied strongly in the opening months of 2021, supported by the vaccine-aided recovery from the pandemic and the decision by the Organization of Petroleum Exporting Countries and its allies to keep a tight rein on supplies. That combination -- plus attacks on Saudi Arabian oil infrastructure by Yemen’s Houthi rebels -- helped London’s Brent crude to top $71 a barrel last week.\n“Once again, a much-improved demand picture along with supply cuts, particularly from OPEC+, have us drifting higher,” said Michael McCarthy, chief markets strategist at CMC Markets Asia Pacific. “I expect, if anything, we are going to see higher levels.”\nReflecting optimism about the scope for further gains, Citigroup’s full-year Brent outlook was raised $5 a barrel to $69 amid the OPEC+ curbs. While the bank cautioned in a note that oil wasn’t on the cusp of a so-called supercycle, it said Brent could hit $75 or even $80 over the next few months.\nAmong the welter of figures from China, apparent oil demand rose almost 17% in January-February from a year earlier, to 13.326 million barrels a day, according to data compiled by Bloomberg. 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