Oil prices rebound as US House passes huge stimulus bill
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SUNDAY, MAY 22, 2022
SUNDAY, MAY 22, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Oil prices rebound as US House passes huge stimulus bill

Global Economy

Reuters
01 March, 2021, 11:50 am
Last modified: 01 March, 2021, 12:05 pm

Related News

  • Oil settles up as supply risks outweigh economic worries
  • Oil steady as economic worries offset possible China demand rise
  • Omelette at Tk20: Commodity price hikes take poor by the throat
  • Oil prices rise on China demand recovery expectations, supply concerns
  • Mustard, rice bran alternatives to soybean: Commerce minister

Oil prices rebound as US House passes huge stimulus bill

The US House passed a $1.9 trillion coronavirus relief package early on Saturday, lifting investors' risk appetite and Asian stock markets while the approval of Johnson & Johnson's Covid-19 shot also buoyed the economic outlook

Reuters
01 March, 2021, 11:50 am
Last modified: 01 March, 2021, 12:05 pm
Photo: Bloomberg/ Bartek Sadowski
Photo: Bloomberg/ Bartek Sadowski

Oil prices rebounded more than $1 on Monday after the US House of Representatives passed a huge stimulus package, although a drop in China's February factory activity growth capped gains.

Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by 0410 GMT. The April contract expired on Friday.

US West Texas Intermediate (WTI) crude futures jumped $1.01, or 1.6%, to $62.51 a barrel.

Front-month prices for both contracts touched 13-month highs last week, slipping back on Friday along with wider financial markets following a bond rout amid inflation fears.

"Oil prices are recovering this morning in line with most risk assets on the back of the US stimulus bill passing the House," Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday.

The US House passed a $1.9 trillion coronavirus relief package early on Saturday, lifting investors' risk appetite and Asian stock markets. The package will now move to the US Senate for further deliberation.

The approval of Johnson & Johnson's Covid-19 shot also buoyed the economic outlook.

Manufacturing data from top Asian oil importers were mixed, however, as China's factory activity growth slipped to a nine-month low in February, while manufacturing in Japan expanded the fastest in more than two years.

Crude supplies going into top importer China are expected to ease in the second quarter as the oil price rally cooled demand. Preliminary data also showed that South Korea's February imports are down 14.7% from a year earlier.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will meet on Thursday and could discuss allowing as much as 1.5 million barrels per day of crude back in the market.

"We think if the combined (OPEC+) increase does not exceed 500,000 bpd, that will be bullish for prices," analysts at Singapore's OCBC bank said.

Separately, Iran on Sunday dismissed opening talks with the United States and the European Union to revive the 2015 nuclear deal, insisting Washington must first lift the unilateral sanctions that have sharply reduced Iranian oil exports.

Top News / World+Biz

Oil / Oil price / oil market / Oil Business / OPEC / OPEC+ / Organization of the Petroleum Exporting Countries (OPEC)

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Project delays: The Sinohydro style 
    Project delays: The Sinohydro style 
  • Photo: TBS
    37,000 BO account holders sell all shares in 11 days
  • Photo: Reuters
    Monkeypox: Govt puts ports on alert 

MOST VIEWED

  • HSBC CEO Noel Quinn attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Yves Herman/File Photo
    HSBC banker's remarks on climate risk inconsistent with strategy, CEO says
  • A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. REUTERS/Lucas Jackson/Files
    Wall Street ends mixed after punishing week
  • A trader in London waits for European stock markets to open early on June 24, 2016, after Britain voted to leave the European Union. REUTERS/Russell Boyce
    Global stocks rebound despite unease over economy; dollar gains
  • Cracks in US economy start to show as recession warnings mount
    Cracks in US economy start to show as recession warnings mount
  • Prices of household items 20% costlier in UK: Study
    Prices of household items 20% costlier in UK: Study
  • Pakistan bans imports of all non-essential luxury goods - minister
    Pakistan bans imports of all non-essential luxury goods - minister

Related News

  • Oil settles up as supply risks outweigh economic worries
  • Oil steady as economic worries offset possible China demand rise
  • Omelette at Tk20: Commodity price hikes take poor by the throat
  • Oil prices rise on China demand recovery expectations, supply concerns
  • Mustard, rice bran alternatives to soybean: Commerce minister

Features

The Buffalo shooter targeted Black people, linking mass migration with environmental degradation and other eco-fascist ideas. Photo: Reuters

Eco-fascism: The greenwashing of the far right

17h | Panorama
Green-backed Heron on a tilting stalk. Photo: Enam Ul Haque

Green-backed Heron: Nothing but a prayer to catch a fish  

19h | Panorama
Illustration: TBS

‘High logistics cost weakens Bangladesh’s competitiveness’

22h | Panorama
Every morning is a new beginning for all

Seashore

22h | In Focus

More Videos from TBS

Wheat prices double in India

Wheat prices double in India

11h | Videos
Is Washington-Moscow agreement possible?

Is Washington-Moscow agreement possible?

11h | Videos
Pigeon exhibition for the first time in Gazipur

Pigeon exhibition for the first time in Gazipur

16h | Videos
Photo: TBS

US Congress to hold first public UFO panel

18h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The reception is a volumetric box-shaped room that has two glass walls on both the front and back ends and the other two walls are adorned with interior plants, wood and aluminium screens. Photo: Noor-A-Alam
Habitat

The United House: Living and working inside nature

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab