Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Oil steady as hopeful economic data face spike in virus cases

share with twitter share with LinkedIn share with facebook
07/06/2020 | 03:47pm EDT
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary

By Laila Kearney

Oil futures ended largely steady on Monday as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices.

Brent crude settled at $43.10 a barrel, up 30 cents. U.S. West Texas Intermediate (WTI) crude settled at $40.63 a barrel, down 2 cents.

"The competing forces in the oil market right now are the reopening of economies around the world, increasing oil demand, countered by concerns about economies closing around the world due to a resurgence in the number of virus cases," Andy Lipow, president of consultants Lipow Oil Associates.

In the first five days of July, 16 states reported record increases in new cases of COVID-19, which has infected nearly 3 million Americans and killed more than 130,000, according to a Reuters tally.

U.S. services industry activity rebounded sharply in June, almost returning to its pre-COVID-19 pandemic levels, while China's economy was recovering and its capital markets attracting money, setting the scene for a healthy bull market, the official China Securities Journal said in an editorial.

German data, however, showed that the recovery from COVID-19 will be slow and painful. Germany's industrial orders rebounded moderately in May and a fifth of firms in Europe's biggest economy said in a survey published on Monday they feared insolvency.

Graphic: World demand and supply for oil -

The implied volatility for Brent crude has dropped to its lowest since prices started collapsing in March as markets remain focused on tightening supplies.

Production by the Organization of the Petroleum Exporting Countries (OPEC) has fallen to its lowest in decades.

OPEC and other producers including Russia, collectively known as OPEC+, have agreed to lower output by a record 9.7 million barrels per day (bpd) for a third month in July.

Saudi Arabia's state oil producer Aramco has increased official selling prices (OSPs) for its crude to Asia by $1 a barrel in August, and raised the OSPs for almost all grades to Europe and the United States.

(Additional reporting by Bozorgmehr Sharafedin in London, Florence Tan in Singapore and Jessica Resnick-Ault in New York; Editing by Marguerita Choy and Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
ING GROEP N.V. 2.71% 6.056 Delayed Quote.-43.34%
LONDON BRENT OIL 0.32% 43.9 Delayed Quote.-33.91%
SAUDI ARABIAN OIL COMPANY 0.15% 33 End-of-day quote.-6.38%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.18% 72.949 Delayed Quote.19.61%
WTI 0.32% 40.785 Delayed Quote.-34.36%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:45pAsia shares set to gain after manufacturing data, tech stocks boost
RE
05:29pS Korea Inflation Accelerates in July
DJ
05:27pUSDA Issues a Default Decision Against Mark Robinson, d.b.a. Robinson Livestock for Violations of the Packers and Stockyards Act
PU
05:27pPETRÓLEO BRASILEIRO S A PETROBRAS : Comunicado ao Mercado - Petrobras sobre venda da Petrobras Biocombustível
PU
05:19pUtilities Down On Rotation To Deal-focused Sectors -- Utilities Roundup
DJ
05:18pCommunications Services Up As Investors Hedge On Growth Prospects -- Communications Services Roundup
DJ
05:17pTech Up, Nasdaq Composite Hits Record, Amid Deal Intrigue -- Tech Roundup
DJ
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:15pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
Latest news "Economy & Forex"