msn.com 08 Apr, 2021 03:45 am

Oil Snaps Two-Day Advance as Pandemic Worsens in India, Canada

Oil declined as the pandemic worsened in key regions, with Indian cases spiking and Canada’s most populous province declaring a state of emergency just as OPEC+ prepares to add supply over the coming months.

72% “Prices are likely to be pressured in the short term as the worries surrounding the resurgence of Covid-19 are not going away anytime soon,” said Will Sungchil Yun, a senior commodities analyst at VI Investment Corp.Prices State-run refiners in India are already looking to buy less crude from Saudi Arabia, with demand poised to dip amid the resurgence of Covid-19.Against that mixed backdrop, the Organization of Petroleum Exporting Countries and its allies have announced a roadmap to ease production curbs over the three months to July by restoring more than 2 million barrels a day.In addition, refineries are operating at 84% of capacity, rising above 15 million barrels a day for the first time in more than a year, the EIA said.

Bloomberg p (Bloomberg) -- Oil declined as the pandemic worsened in key regions, with Indian cases spiking and Canada’s most populous province declaring a state of emergency just as OPEC+ prepares to add supply over the coming months.there are signs of improvement.

Read full story at msn.com