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COVID-19 - News digest as of 26.03.2021

March 26/2021

1. Oil edges higher on bargain-hunting but oversupply fears cap gains

MOSCOW (MRC) -- Oil prices rises as investors looked for bargains following the previous day"s plunge, but gains were capped as pandemic lockdowns in Europe and a build in US crude stocks curbed risk appetite and raised oversupply fears, reported Hydrocarbonprocessing. Brent crude futures rose 27 cents, or 0.4%, to USD61.06 a barrel by 0108 GMT, after tumbling 5.9% and hitting a low of USD60.50 the previous day. West Texas Intermediate (WTI) crude futures climbed 19 cents, or 0.3%, to USD57.95 a barrel, having lost 6.2% and touched a low of USD57.32 on Tuesday.

http://www.mrcplast.com/news-news_open-385472.html

2. Biaxplen discussed the situation in the Russian PP market with clients

MOSCOW (MRC) - SIBUR"s Biaxplen held a customer day on March 12, where they discussed the situation on the polypropylene (PP) market with customers, the manufacturer said. The following topics were discussed: prerequisites for the growth of the cost of basic raw materials for the production of BOPP films, forecast of changes in prices for finished products and solutions to stabilize the situation on the market. The meeting was attended by over 100 Biaxplen client companies from Russia and the CIS countries. It is noted that the company was forced to correlate prices for its products due to the rise in the cost of basic raw materials, which causes concern among consumers. In this situation, it was important for the company to explain to customers the true reasons for the rise in prices and discuss joint actions to respond to the situation and find solutions to stabilize the Russian BOPP film market.

http://www.mrcplast.com/news-news_open-385542.html

3. Oil industry in Brazil battles deadliest COVID-19 wave yet

MOSCOW (MRC) -- The new coronavirus wave that has torn through Brazil in recent weeks has also affected its oil industry, according to unions and government data reviewed by Reuters, with infections among workers jumping and production taking a hit. New COVID-19 cases among offshore oil workers rose to 46 on March 24 from 17 on March 3, based on a 15-day moving average, data from national oil regulator ANP showed. Active cases are at their highest level since December at Brazil�s largest oil producer, state-run Petrobras, with 294 cases among employees as of Monday, according to Mines and Energy Ministry data. Petroleo Brasileiro SA, as the firm is formally known, told Reuters it has adopted �rigorous measures� since the beginning of the pandemic to protect workers, carrying out some 650,000 COVID-19 tests among its workforce of roughly 46,000.

http://www.mrcplast.com/news-news_open-385483.html


mrcplast.com
Author:Margaret Volkova
Tags:CIS, PP, crude and gaz condensate, BOPP films, petrochemistry, Biaxplen, Sibur Holding, Petrobras, COVID-19, Brazil, Russia, USA.
Category:General News
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