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Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid.
Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, at $41.22 per barrel.
The decline in oil was also seen in other financial markets in Asian trade amid the rising tensions between the United States and China. This came after the closures of consulates in Houston and Chengdu.
Brent is on course for its fourth consecutive month of gains, while WTI is set to gain for the third straight month as the OPEC+ production cuts supported prices.
Total COVID-19 cases surpassed 16 million on Monday. Meanwhile, investors are also watching the impact of the storm Hanna, which struck the coast of Texas over the weekend.
The U.S. oil rig count grew last week for the first time since March, a sign that U.S. oil output decline may have hit its lowest level.
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 ...
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 ...
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 ...
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