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Oil prices were stable on Friday but are expected to sink lower with an estimated 5% loss for the week. Such was brought by emerging concern that fuel demand may weaken as the coronavirus that originated from Wuhan City of China that has resulted to death of 25, may impact travel and drag the economy.
Brent crude futures LCOc1 shed 4 cents lower to $62 per barrel by 0225 GMT, its lowest recorded performance since Dec. 4 with 1.9% decline from its recently concluded session.
US West Texas Intermediate futures inched down 2% on Thursday as the contract lost 1 cent to $55.58 per barrel, it weakest session since Nov. 29.
Novel coronavirus had inflicted 800 individuals and resulted to death of 25 as of Thursday, according to China’s National Health Commission. In line, the World Health Organization declared the epidemic as an emergency but did not put it as a global concern.
Many alleged that the virus originated from Wuhan City in China as this is where most cases were detected from. However, there were also recorded cases in at least seven countries.
US crude inventories and crude oil distillate inventories sunk down last week as increased in gasoline for 11 consecutive weeks were recorded, the Energy Information Administration said on Thursday.
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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