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Oil falls, but prepares for weekly gains as demand strengthens in the US and China By Investing.com

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© Reuters.

By Gina Lee

Investing.com – Oil was down in Asia on Friday morning but was still heading for a weekly gain as signs of strengthening demand from the US and China raised hopes for fuel demand.

They were down 0.56% to $ 67.67 at 12:56 am ET (4:56 am GMT) and fell 0.69% to $ 64.56.

Major US cities are moving toward a full reopening, with New York City aiming to do so in July 2021. In Asia, a week-long holiday in China starting on Saturday is expected to cause the number of trips reaches record levels.

However, the shadow of COVID-19 has not been completely removed, as countries such as India, the world’s third-largest oil importer, and Brazil continue to record a record number of cases. The Organization of the Petroleum Exporting Countries and its allies (OPEC +) also issued a warning earlier in the week that rising COVID-19 cases could derail demand for fuel.

“This week saw a flood of robust data and reassuring developments in the US, but that may have buried the growing global risk of more transmissible Covid variants, particularly the one that has wreaked havoc in India … at highs of six. weeks, crude was ready for a breather, ”Vanda (NASDAQ :), Insights founder Vandana Hari, told Bloomberg.

OPEC + joined a series of bullish calls on the outlook issued throughout the week by raising its consumption estimates for 2021. Goldman Sachs Group Inc (NYSE :). Forecast oil demand will see a record rise in COVID-19 vaccination rates.

On the supply side, the cartel is ready to ease its current production restrictions starting in May, and other short-term risks to the demand outlook are starting to show. The structure of the Dubai Middle East benchmark changed to slight contango on Thursday, indicating that market tension may be easing.

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