Oil prices slightly amid increasing concerns over reduced fuel consumption following the Covid-19 pandemic. Credit: Anita starzycka from Pixabay.

Brent oil prices have edged up slightly in spite of rising concerns that renewed Covid-19 pandemic lockdowns could affect global fuel consumption.

Brent crude rose by $0.20, or 0.4%, to reach $54.95 a barrel by 03:51 GMT while US oil increased by $0.17, or 0.3%, to reach $52.19 a barrel, reported Reuters.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Oil settlement transaction was not made on 18 January in the US as a result of a public holiday.

According to data released on Monday, China’s refinery output increased 3% to a new record last year.

Australia’s CMC Markets chief market strategist Michael McCarthy was quoted by the news agency as saying: “Yesterday’s data out of China was a positive for oil prices.”

OANDA senior market analyst Jeffrey Halley was quoted by Reuters as saying: “Like other asset classes, oil has received a gentle US stimulus tailwind in Asia.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

ANZ Research analysts were cited by the news agency as saying that concerns are being raised about the reduced fuel sales in India in January 2021 from December 2020, as well as a surge in Covid-19 cases in Japan and China that could result in reduced oil demand.

ANZ analysts said that the oil prices have also been supported by additional supply cuts by Saudi Arabia in the next two months.

The move is expected to reduce global inventories by 1.1 million barrels a day in the first quarter of this year.