{"id":110915,"date":"2021-03-30T22:14:13","date_gmt":"2021-03-30T22:14:13","guid":{"rendered":"https:\/\/fin2me.com\/?p=110915"},"modified":"2021-03-30T22:14:13","modified_gmt":"2021-03-30T22:14:13","slug":"oil-falls-as-suez-canal-reopens-dollar-rallies-eyes-on-opec-meeting","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-falls-as-suez-canal-reopens-dollar-rallies-eyes-on-opec-meeting\/","title":{"rendered":"Oil falls as Suez Canal reopens, dollar rallies; eyes on OPEC+ meeting"},"content":{"rendered":"

NEW YORK (Reuters) – Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.<\/p>

FILE PHOTO: A general view of a refinery in Hobbs, New Mexico, U.S. September 18, 2019. REUTERS\/Adria Malcolm\/File Photo<\/figcaption>

Investors shifted focus to the upcoming OPEC+ ministerial meeting on Thursday, where analysts expect the group to extend supply curbs given dim demand prospects.<\/p>\n

Brent crude fell 84 cents, or 1.3%, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6%, at $60.55 barrel.<\/p>\n

The benchmarks held their losses in post-settlement trade after industry data showed U.S. crude inventories swelled by 3.9 million barrels last week, sources said citing the American Petroleum Institute\u2019s weekly report. Analysts in a Reuters poll forecast a build of about 100,000 barrels.<\/p>\n

Government data is due on Wednesday at 10:30 a.m. EDT (1430 GMT)<\/p>\n

Ships were moving through the Suez Canal again a day after tugs refloated the Ever Given container carrier, which had blocked the passage for almost a week. The backlog of 422 ships could be cleared in 3-1\/2 days, the canal\u2019s chairman said. [nL1N2LS0PW]<\/p>\n

\u201cThe price gains that accumulated during the Suez blockade were, as expected, short-lived and are now being erased with the gradual return to normal traffic,\u201d Rystad Energy\u2019s oil markets analyst Louise Dickson said.<\/p>\n

The dollar rose against major currencies and climbed to a one-year high against the yen. A firmer greenback makes oil priced in dollars more expensive in other currencies.<\/p>\n

With concerns about a shortage of physical supplies abating, the market will watch Thursday\u2019s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+.<\/p>\n

Saudi Arabia is prepared to accept an extension of production cuts through June and to prolong its own additional cuts amid the latest wave of coronavirus lockdowns, a source briefed on the matter said on Monday.<\/p>\n

\u201cThe wobble we have seen in prices means that OPEC+ will likely need to take a cautious approach once again,\u201d bank ING said. \u201cWe are of the view that the group will likely hold output levels unchanged.\u201d<\/p>\n

JPMorgan believes OPEC+ will largely roll over its production cuts into May and that Saudi Arabia will extend its voluntary cut by two more months until the end of June.<\/p>\n

\u201cWe expect the alliance to start adding production in 500,000 barrel per day (bpd) increments beginning in June and lasting through August,\u201d it said in a research note.<\/p>\n

Renewed lockdowns and problems with vaccinations could prevent the recovery of up to 1 million bpd of oil demand in 2021, Rystad Energy said.<\/p>\n

One challenge in capping global supply is under-the-radar exports by OPEC member Iran to China, ignoring U.S. and U.N. sanctions on Tehran, according to traders and analysts.<\/p>\n

China could receive up to 1 million bpd of Iranian crude this month passed off as crude from other origins, they said.<\/p>\n

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

NEW YORK (Reuters) – Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.FILE PHOTO: […]<\/p>\n","protected":false},"author":3,"featured_media":110914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nOil falls as Suez Canal reopens, dollar rallies; eyes on OPEC+ meeting - 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\/oil-falls-as-suez-canal-reopens-dollar-rallies-eyes-on-opec-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil falls as Suez Canal reopens, dollar rallies; eyes on OPEC+ meeting - Fin2me\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.FILE PHOTO: [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/oil-falls-as-suez-canal-reopens-dollar-rallies-eyes-on-opec-meeting\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T22:14:13+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\/03\/cnewsfotor1070.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\/oil-falls-as-suez-canal-reopens-dollar-rallies-eyes-on-opec-meeting\/\",\"url\":\"https:\/\/fin2me.com\/markets\/oil-falls-as-suez-canal-reopens-dollar-rallies-eyes-on-opec-meeting\/\",\"name\":\"Oil falls as Suez Canal reopens, dollar rallies; 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