Crude Oil MCX Tips Today : Hit All Target, Best Crude Oil Tips Provider. OPEC said a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting the market.
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In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.89 million barrels per day (bpd) in 2021, or 6.5%, up slightly from last month. But the group cut its forecasts for the first half.
Global refineries will increase crude processing sharply over the next six months to stabilise stocks of fuels such as gasoline and diesel – even if substantial coronavirus controls remain on travel and service sector businesses.
- Crude Oil trading zone between for the week is 4400—5000.
- Crude Oil prices steadied as production cuts by major oil producers constrained supply.
- OPEC expects most of 2021 oil demand recovery in second half.
- OPEC said demand will rise by 5.89 million barrels per day (bpd) in 2021, or 6.5%, up slightly from last month.
The prospective rise in processing and consequent draw down in crude inventories in the second and especially third quarters is what has been boosting futures prices and causing calendar spreads to tighten.
India’s fuel consumption fell for the second month in a row in February to its lowest since September last year as record-high retail prices continued to stonewall a demand recovery for the world’s third-biggest oil importer and consumer.
