Oil
MARKET VIEW
Weekly changes: XBRUSD -3.02%
XBRUSD (Brent crude) fell to 62.64 USD per barrel upon rising supplies from major producers and concerns over a mixed picture on the pandemic's impact on fuel demand. Oil is suffering its worst week in the past three amid investors concerns that rising global coronavirus cases are slowing the economic recovery.
With OPEC and its allies planning to start raising output, markets are now focused on whether the demand recovery will be enough to absorb growing supplies.
KEY POINTS
Renewed lockdowns in Europe and problems with vaccination programs could threaten the oil demand picture.
Talks about returning Iran and the United States to the 2015 nuclear deal are making progress, returning to the oil market around two mln barrels a day. Nevertheless, Iranian officials indicated disagreement with Washington over which sanctions it must lift.
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