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Crude Oil Rises 1% on U.S. Stimulus Hopes, Supply Concerns

26 Jan 2021 7:38 am
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Mumbai (commodities control) - Oil prices rose about 1% on Monday as optimism around U.S. stimulus plans and some supply concerns boosted futures, but demand worries prompted by coronavirus lockdowns limited gains.

Brent crude futures rose 47 cents, 0.9%, to settle at $55.88 a barrel. U.S. West Texas Intermediate crude ended 50 cents, or 1%, higher at $52.77 a barrel. Officials in U.S. President Joe Biden’s administration on a Sunday call with Republican and Democratic lawmakers tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive. On the supply side, the Organization of the Petroleum Exporting Countries and its allies’ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said on Monday. The data suggest the group had improved its adherence to pledged supply curbs. In Indonesia, the country said its coast guard seized an Iranian-flagged tanker over suspected illegal fuel transfers, raising the prospect of more tensions in the oil-exporting Gulf. Output from Kazakhstan’s giant Tengiz field was disrupted by a power outage on Jan. 17. Meanwhile, European nations have imposed tough restrictions to halt the spread of the virus, while China reported a rise in new COVID-19 cases, casting a pall over demand prospects in the world’s largest energy consumer. Barclays raised its 2021 oil price forecasts, but said rising cases in China could contribute to near-term pullbacks.

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