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| Commodity News |
| HeadLine : |
Oil Mixed, Balancing Stimulus Optimism With Mounting Fuel Demand Worries |
| Date : |
Jan 19 2021 |
Oil was mixed Tuesday morning in Asia, with investors weighing optimism that further stimulus measures will buoy economic growth against mounting fears for fuel demand as COVID-19-induced lockdowns continue globally. Brent oil futures were up 0.40% to $54.95, while WTI futures were down 0.23% to $52.30. Both Brent and WTI futures remained above the $50 mark. There was no settlement on Monday due to holiday in the U.S., and front-month February WTI futures will expire on Wednesday. Positive economic data from China, the top crude oil importer globally, helped boost sentiment and showed that refinery output rose 3% to a new record in 2020. Released by the National Bureau of Statistics on Monday, the data also showed that industrial production grew 7.3% year-on-year in December. GDP rose 6.5% year-on-year in the fourth quarter but grew 2.6% quarter-on-quarter. It also indicated that China was also the only major economy to avoid a contraction in 2020, with many nations still struggling to contain COVID-19 outbreaks. The ever-growing number of COVID-19 cases globally and the ensuing restrictive measures, including lockdowns, is dampening fuel demand and capping the black liquid’s prices.
Source: Investing.com
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