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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. West Texas Intermediate crude futures rose 0.1%, or 2 cents, at $41.06 per barrel.
U.S. crude oil stockpiles fell by 6.8 million barrels to 531 million barrels last week, according to data from the American Petroleum Institute. This was contrary to analysts’ expectations of a 357,000-barrel increase.
Investors are still worried that the rising coronavirus cases could offset fuel demand and cause an oversupply in the market.
Still, the U.S. Senate remain divided over the coronavirus aid package as Democrats and Republicans debated on the size of the fiscal stimulus.
Meanwhile, in Hong Kong, the government warned that the city is nearing a large-scale COVID-19 outbreak and urged people to stay indoors.
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 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
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 ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
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