{"id":104604,"date":"2021-01-19T07:40:57","date_gmt":"2021-01-19T07:40:57","guid":{"rendered":"https:\/\/fin2me.com\/?p=104604"},"modified":"2021-01-19T07:40:57","modified_gmt":"2021-01-19T07:40:57","slug":"brent-crude-edges-up-as-optimism-over-economy-outweighs-fuel-demand-concerns","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/brent-crude-edges-up-as-optimism-over-economy-outweighs-fuel-demand-concerns\/","title":{"rendered":"Brent crude edges up as optimism over economy outweighs fuel demand concerns"},"content":{"rendered":"

SINGAPORE (Reuters) – Brent crude futures edged up on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally could cool fuel consumption.<\/p>

FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS\/Brendan McDermid<\/figcaption>

Brent crude futures for March rose 20 cents, or 0.4%, to $54.95 a barrel by 0351 GMT after slipping 35 cents in the previous session.<\/p>\n

U.S. West Texas Intermediate crude was at $52.19 a barrel, down 17 cents, or 0.3%. There was no settlement on Monday as U.S. markets were closed for a public holiday. Front-month February WTI futures expire on Wednesday.<\/p>\n

Investors are upbeat about demand in China, the world\u2019s top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in 2020. China was also the only major economy in the world to avoid a contraction last year as many nations struggled to contain the COVID-19 pandemic.<\/p>\n

\u201cYesterday\u2019s data out of China was a positive for oil prices,\u201d Michael McCarthy, chief market strategist at CMC Markets in Sydney said.<\/p>\n

Investors are watching out for U.S. President-elect Biden\u2019s inauguration speech on Wednesday for details on the country\u2019s $1.9 trillion aid package.<\/p>\n

OANDA\u2019s Asia-Pacific senior analyst Jeffrey Halley said: \u201cLike other asset classes, oil has received a gentle U.S. stimulus tailwind in Asia.\u201d<\/p>\n

Oil prices have also been supported by Saudi Arabia\u2019s additional supply cuts in the next two months which are expected to draw down global inventories by 1.1 million barrels per day in the first quarter, ANZ analysts said.<\/p>\n

Concerns about rising COVID-19 cases globally and renewed lockdowns weighing down fuel demand kept a lid on oil prices.<\/p>\n

ANZ analysts flagged concerns about falling fuel sales in India in January from December and rising COVID-19 cases in China and Japan that could dampen oil demand.<\/p>\n

\u201cIn Europe and the U.S., the slow rollout of vaccines is also raising concerns that a rebound in demand will remain elusive,\u201d the bank said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SINGAPORE (Reuters) – Brent crude futures edged up on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns […]<\/p>\n","protected":false},"author":3,"featured_media":104603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBrent crude edges up as optimism over economy outweighs fuel demand concerns - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/brent-crude-edges-up-as-optimism-over-economy-outweighs-fuel-demand-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent crude edges up as optimism over economy outweighs fuel demand concerns - Fin2me\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE (Reuters) – Brent crude futures edged up on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/brent-crude-edges-up-as-optimism-over-economy-outweighs-fuel-demand-concerns\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-19T07:40:57+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/01\/cnewsfotor26-9.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/brent-crude-edges-up-as-optimism-over-economy-outweighs-fuel-demand-concerns\/\",\"url\":\"https:\/\/fin2me.com\/markets\/brent-crude-edges-up-as-optimism-over-economy-outweighs-fuel-demand-concerns\/\",\"name\":\"Brent crude edges up as optimism over economy outweighs fuel demand concerns - 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