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Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic.
Prices were also buoyed by a weakening dollar, making it easier for global investors to purchase crude at a cheaper amount.
Brent crude futures rose 0.8%, or 35 cents, at $43.76 per barrel. U.S. West Texas Intermediate crude futures climbed 0.7%, or 27 cents, at $41.87 per barrel.
In the U.S. Senate, the Republicans’ proposed $1 trillion coronavirus aid package gained the White House’s support, although Democrats urged for a bigger fiscal package.
Markets are awaiting the Federal Reserve’s policy-setting panel which will meet on Tuesday and Wednesday, where it is anticipated to confirm that it will keep interest rates near zero for the next few years.
U.S. COVID-19 cases continued to surge as Florida and California took over the top spots as the new epicenters of the virus.
Investors are closely watching the U.S. inventory data due on Tuesday and Wednesday. Refined products stockpiles are anticipated to have contracted last week, while crude oil inventories are expected to have steadied.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
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, ...
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 ...
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