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Oil prices fell again on Thursday, following the 5% drop from the last session, as a record build in U.S. crude stocks and a surge in new coronavirus cases are feared to weigh on fuel demand.
Brent crude futures slid 0.7%, or 30 cents, to $40.01 per barrel. U.S. West Texas Intermediate crude futures were down 0.7%, or 26 cents, at $37.75 per barrel.
Wednesday’s selloff followed the report of a 1.4-million-barrel build in U.S. crude stockpile. However, analysts said that it was due to the Saudi Arabian shipments booked by refiners when prices dropped in March. The cargoes are due to ease soon.
The surge in new coronavirus infections in several U.S. states, as well as parts of South America and South Asia is expected to stall the recovery of fuel demand.
Market strategists reported that driving in many U.S. states was flatlining.
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 ...
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 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
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 ...
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