Oil prices rose on Wednesday amid optimistic forecasts of global fuel demand recovery, while the rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains.
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British and Dutch wholesale gas prices fell on Tuesday as the market awaited the outcome of an auction for additional transit capacity through Ukraine, which could increase Russian gas supplies.
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Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world’s third-biggest crude importer now slammed by spiralling new coronavirus cases.
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British wholesale prompt gas prices rose on Monday morning, correcting losses on Friday due to expectations of higher Russian flows next month.
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Oil prices fell more than 1% on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May.
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Oil prices climbed on Friday, buoyed by hopes demand will recover as economic growth picks up and lockdowns ease, but worries about India’s surging second wave of COVID-19 cases limited gains.
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British wholesale gas prices were higher on Thursday morning amid strong European carbon prices and colder weather.
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Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.
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Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.
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Oil prices rose to over one-month highs on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world’s biggest oil user, though rising coronavirus cases in Asia capped gains.
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