Analysts have expressed concern that Johnson and Johnson vaccine breaks could delay economic recovery and limit oil demand growth.
Oil prices remained higher on Tuesday on strong Chinese import data, but the rally was spared by concerns that the Johnson and Johnson vaccine breaks could delay economic recovery and limit oil demand growth.
Global benchmark Brent crude oil futures were up 39 cents, or 0.6 percent, at, 3.00 a barrel, and West Texas Intermediate crude oil futures were up 48 cents, or 0.8 percent, at $ 60.18 a barrel. Both contracts recorded less than 1 percent change for five straight sessions.
Phil Flynn, a senior analyst at the Price Futures Group in Chicago, said: “We have come to do business from this range and to clear this canal we need clear demand data and direction from the US search.”
The sharp rise in Chinese exports in March gave the country another boost to its economic recovery, as advances in COVID-19 vaccines have boosted global demand. Import growth has reached its highest in four years.
In March a year ago, China’s crude oil imports rose 21 percent from a low base.
The Organization of Petroleum Exporting Countries (OPEC) raised its demand for oil by 70,000 barrels per day to 5.50 million bpd, or 6.6 percent, in its monthly report.
Analysts in a Reuters news agency survey say U.S. crude oil stock styles are expected to decline in the third week of last week, backing prices ahead of weekly data, with patissa and petrol discoveries likely to rise.
Nevertheless, U.S. oil output could rise for a third straight month from the formation of the seven major shales, the U.S. Energy Information Administration said Monday.
The slow rate of vaccinations in Europe and the expectation of additional oil supplies from Iran next month will push up prices.
Johnson and Johnson said the Covid-19 vaccine in Europe would be delayed and that people would review extremely rare blood clots after six women under the age of 50 were diagnosed with rare blood clots by U.S. health agency agencies. Taking shots.
Yemen’s Iran-linked Houthi movement said Monday it had fired 117 drones and two ballistic missiles at Saudi targets, including the Saudi Armaco facility in Jubail and Jeddah.
Tehran, meanwhile, said the explosion at its main nuclear site on Sunday was a promise of sabotage and retaliation by arch-enemy Israel.
PVM analysts said in a note that “increased geopolitical tensions will only have a significant bullish effect on oil prices, if it disrupts the actual physical supply.”