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COVID-19 - News digest as of 16.04.2021

April 16/2021

1. Crude futures fluctuate in a narrow range despite economic rebounds, COVID-19 concerns linger

MOSCOW (MRC) -- Crude oil futures were rangebound during mid-morning Asian trade April 16, as bullish sentiment, bolstered by signs of increasing US and Chinese economic activity, was tempered by the dire coronavirus situation in key economies around the world, reported S&P Global. At 11:59 am Singapore time (0359 GMT), the ICE Brent June contract was 4 cents/b (0.06%) higher than the April 15 settle at USD66.98/b, while the May NYMEX light sweet crude contract was 2 cents/b (0.03%) lower at USD63.44/b. Propping up market sentiment are reports that the US economic recovery is well underway, as evidenced by a 9.8% improvement in March retail sales, the largest increase since May 2020, according to data from the Department of Commerce. Additionally, data by the Department of Labor showed that new applications for US unemployment benefits fell to a seasonally adjusted 576,000, the lowest since the pandemic caused mass unemployment in March 2020.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, COVID-19, USA.
Category:General News
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