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TOKYO- Oil prices recorded a well-ended session on Wednesday. However, it remained neutral as gains were restricted by the growing damage of the coronavirus contagion which originated from China. In line with this, a decrease in new cases was recorded in Hubei, the center of the outbreak.
Brent crude LCOc1 added 6 cents and last stood at $57.81 per barrel by 0149 GMT. US West Texas Intermediate clocked in 7 cents to $51.97 per barrel. Both contracts began trading in lower grounds at Asian trading board.
China is having trouble putting the manufacturing sector back on track in the world’s second-largest economy after the implementation of city-wide lockdowns and travel bans. Measures imposed are meant to negate further spread of the novel coronavirus.
However, while official records have it that virus cases decreased, the mortality rate continues to grow. The World Health Organization (WHO) warned that the statistics are inadequate to know the magnitude of the virus crisis and whether it was being contained.
Oil prices climbed up to 8% after suffering on low grounds this year. However, another sharp reversal is expected and such may urge Organization of the Petroleum Exporting Countries (OPEC) to implement deeper output reduction.
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 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
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 ...
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 ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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