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Oil prices steadied on Friday as the market was filled with uncertainty on fuel demand recovery. This came after coronavirus cases continued to surge while major oil producers began to loosen output cuts.
U.S. West Texas Intermediate crude futures gained 1 cent to $40.76 per barrel. Brent crude futures steadied at $43.37 per barrel. Both benchmarks are still on course for gains at the end of the week.
The United States reported 75,000 new coronavirus cases on Thursday. Australia and Spain posted their biggest daily surge in two months. Cases in India kept rising, while Brazil eased restriction measures.
Brent and WTI dropped 1% on Thursday after OPEC and its allies agreed to taper its record supply cuts to 7.7 million bpd from August to December.
However, producers like Iraq which did not commit to the earlier agreed cuts are set to slash more from their production in August and September.
Analysts expect the benchmarks to trade in the $40-$45 per barrel range despite the possibility of more U.S. oil supply and the uncertainty of fuel demand.
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 ...
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, ...
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. ...
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 ...
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