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Oil traded near $53 a barrel in New York as concerns over the pandemic’s latest hit to demand were tempered by signs of tighter global supply. Futures in New York increased 0.5 per cent after rising one per cent on Monday. A flare-up of the coronavirus in China is threatening fuel demand during the Lunar New Year period, with the government encouraging millions not to travel to prevent the outbreak from spreading further. At the same time, output from some key nations is being pared back. An experienced instructional team brings over 45 years of combined experience with the Alberta Energy Regulator to provide practical and actionable advice to navigate the energy regulator process in new course on March 11. Seaborne exports of Russia’s flagship Urals crude will drop by almost 20 per cent in February from a month earlier, adding to lower Iraqi production and crimped Libyan shipments. Prompt timespreads for the U.S. benchmark and global Brent are in a bullish market structure and widening, indicating shrinking supplies. Oil has surged almost 50 per cent since the end of October but the rally has started to falter amid concerns about a sustained recovery in global fuel demand. Vaccine […]
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