US West Texas Intermediate and international benchmark Brent crude oil futures rose more than 2% on Friday as buyers tried to recover some losses from the previous session. The rally was likely boosted by technical factors following a 7% drop in markets on Thursday. A new wave of coronavirus infection was likely to occur across Europe, raising hopes that fuel demand would recover soon.
On Friday, WTI crude oil futures ended up $ 1.38 or + 2.30% at $ 61.44 and June Brent crude oil up $ 1.32 or + 2.05% at $ 64.35. 75% of retail CFD investors lose money.
Germany, France and other countries announced the reinstatement of vaccines with AstraZeneca shot after the vaccine was declared safe by regulators. But earlier stops have made resistance to vaccines difficult to overcome.
Meanwhile, Reuters is reporting that Europe’s airlines and travel sectors are braking for a second lost summer, increasingly challenged by a hobbled COVID-19 vaccine rollout with rebound hope, resurgence transition and new lockdown are.
Airline and travel stocks fell on Friday after Italy and Rome and Milan closed for a month after the start of the harsh trade and agitation for most of the country, with Paris and northern France closing for a month.
Setbacks for the critical peak season affected recovery prospects, which usually accrue to airlines during the winter when most carriers lose money even in good times.
Additionally, the UK announced that it would have to slow down its COVID-19 vaccine rollout next month due to supply delays.
Goldman Sachs said the oil market related to EU demand and Iran’s supply will reduce market imbalances in the second quarter, although it expects OPEC and its partners to act to compensate for this.
Iran has moved record amounts of crude oil to top customer China in recent months, while India’s state refiners have added Iranian oil to their annual import plans on the assumption that US sanctions on the OPEC supplier will soon ease.
American drillers add the most oil and gas leaks in a week since January: Baker Hughes
US energy firms added the most oil and natural gas rigs in a week since January, even as oil prices rebounded from 28-month highs this week.
The oil and gas rig count, an early indicator of future output, rose from nine to 411 in the week to March 19, its highest level since April, Baker Hughes Company Energy Services said in its report on Friday.
According to Baker Hughes data, the rig count, which has climbed over the past seven months, has fallen by 68% since its return in 1940, to a record level of 244 in August 2020. , Or 47%, down from this time last year.
The US oil leak rose from nine to 318 last week, the highest since May, while gas leaks were unchanged at 92.