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Cenkos: Oil & Gas Sector -- United Oil & Gas, 88 Energy, Argos Resources, Diversified Gas & Oil, Pharos Energy, IGas Energy, PetroTal Corp, Block Energy, Pantheon Resources, Hurricane Energy, Enwell Energy, Caspian Sunrise, Ithaca Energy

Oil posted its worst week in three amid concerns that rising global coronavirus cases are slowing the economic recovery. West Texas Intermediate futures ended the week down 3.5%, the biggest weekly loss since mid-March. With the Organisation of Petroleum Exporting Countries and its allies planning to start raising output, markets are now focused on whether the demand recovery will be enough to absorb growing supplies. While consumption is climbing in India and the US, rising virus cases and the possibility of stricter travel limits in Europe are muddying the forecast and putting pressure on crude. Oil plunged Monday after the UK said it may delay global travel beyond 17 May. A stronger dollar also weighed on oil Friday, reducing the appeal of commodities priced in the currency. A higher-than-expected rise in US March producer prices stoked inflation concerns. Saudi Arabia said it remains confident that OPEC+ made the right decision to increase production over the next three months, and there are signs of better days ahead for demand that could soak up the additional barrels. India's oil-products demand in March rose to the strongest since late 2019, while Germany reiterated support for a short, strict lockdown in the country. In the US, traffic is roaring back in some cities, an indication of stronger demand this summer. Making the calculation even more complex are ongoing talks between Iran and world powers to resuscitate a 2015 nuclear deal, which would set the stage for the Persian Gulf to increase supply. Negotiations are set to continue next week, though no direct contacts between Iranian and US envoys have yet been made. Prices  WTI for May delivery fell 28 cents to settle at $59.32 a barrel.  Brent for June declined 25 cents to end the session at $62.95 a barrel. The contract fell 2.9% over the week. Crude in New York has around $60 a barrel since mid-March, with market volatility slumping to the lowest in a month. Prices have not broken out of a $5 trading range over recent weeks, and have oscillated in smaller and smaller bands with each passing day -- creating a technical pattern some see as indicative of a breakout higher.

  • 12 Apr 21
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