US West Texas Intermediate and international-benchmark Brent crude oil futures came on Thursday as India’s COVID-19 crisis and resumed a significant US fuel pipeline operation, which pushed crude oil to an eight-week high following the rally forecast had reached the level. A rebound in global demand later in the year.
The broad rise in commodity prices, labor shortages, and stronger-than-expected consumer price data this week have also put pressure on prices, rising inflation concerns. May force the Federal Reserve to raise interest rates.
Global concern is growing as the COVID-19 version is ravaging rural India
In a sign of another slowdown for oil demand, a variant of coronavirus has flowed through India, the world’s third-largest crude importer.
Within 24 hours after the epidemic began, the figure of coronavirus deaths in India crossed 250,000 on Wednesday, as the disease spread to rural areas, leaving the dead in rural hospitals to cry or to become ill. The camp was organized inwards.
Medical professionals are not able to say when new infections will plateau and other countries are concerned about this type of spread that is now spreading worldwide.
PVM analysts said in a note, “There are growing concerns that the unstoppable spread of coronavirus in India and South East Asia will reduce oil demand.”
However, its impact is expected to be relatively low and a healthy revival of growth in oil demand will be seen in the second half of the year. ”
Colonial Pipeline Restored
On Wednesday, the Colonial Pipeline said in an evening statement that it had restored its operations after being forced to shut down its entire system due to a cyber attack. The company stated its decision to temporarily shut down the pipeline service as a precaution.
“Some markets provided by Colonial Pipeline may experience intermittent service interruption during the start-up period or may continue to experience. Colonially as much gasoline, diesel, and jet fuel as safely as possible Will happen and will continue to do so until the market returns to normal.