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SINGAPORE- Oil prices clocked in more than 1% on Tuesday as previous declines urged short position investors to take profit. However, market sentiment dwindled due to novel coronavirus that is responsible for the death of more than 1,000 individuals in China.
Brent crude LCOc1 inched up 1.5%, equivalent to 79 cents, and was quoted at $54.06 per barrel by 0216 GMT. US West Texas Intermediate CLc1 acquired 1.3% gains, increasing up to 63 cents and last stood at $50.20.
“I know volumes are very weak today ... I also would like to point out that we are in a technical support level and that might be encouraging those who are short to take profits,” Michael McCarthy of CMC Markets.
Novel coronavirus death toll bloated up to 1,016 as the number of individuals diagnosed with infection hit 42,600 mark, according to National Health Commission.
Virus contagion spread across 24 other countries as the President of the World Health Organization (WHO) warned on Monday that the recorded cases outside Mainland China could possibly start a larger problem.
Though the contagion drastically affects China’s economy together with Japan and Singapore, the United States economy has been armed from the virus implications according to San Francisco Federal Reserve Bank President Mary Daly.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
KYC Policy