Oil prices rebound after massive losses

0 Comment(s)Print E-mail Xinhua, April 7, 2021
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NEW YORK, April 6 (Xinhua) -- Oil prices rose on Tuesday, recouping some of the losses they suffered in the prior session.

The West Texas Intermediate for May delivery added 68 cents to settle at 59.33 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 59 cents to close at 62.74 dollars a barrel on the London ICE Futures Exchange.

The moves followed a major setback on oil market, which saw the U.S. crude futures and Brent both shed more than 4 percent on Monday, amid concerns over supply and demand risks.

Last week, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed to gradually boost output in the coming three months.

The group is restoring production that was slashed last year to support prices as fuel demand sagged amid the COVID-19 pandemic.

Meanwhile, the Joint Technical Committee (JTC) of OPEC+ downwardly revised its estimates for oil demand in 2021.

"This would give rise to a renewed supply surplus on the oil market and would initially mean abandoning the declared objective of eliminating the surplus crude oil stocks," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday.

"The situation on the oil market is likely to remain volatile," he added. Enditem

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