Oil prices ease as the new coronavirus variant spreads

SourceGulf Today
SectorOil & Gas
CountryMiddle east

Oil prices rise due to inventory draw Last week, US crude oil stockpiles last week declined beyond expectation while gasoline and distillate inventories gained. Across Europe governments are imposing tighter lockdowns due to the spread of the new variant and China, the world’s second-largest oil consumer announced its biggest daily jump of coronavirus cases in more than 10 months. According to an International Energy Agency (IEA) official, oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook.   ...read more...