The oil markets have come to a natural pause, say some traders. With lower volumes and volatility, they are waiting for further signs that demand will recover or be hampered by the outbreak. WTI Crude is $40.73; Brent is $43.23.
Oil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit recovery in fuel demand, say some analysts. WTI Crude is $40.23; Brent is $42.79.
For now, there is optimism over robust economic data, returning energy demand as countries ease lockdown measures, and OPEC and its allies’ bumper output cuts are driving crude higher. WTI Crude is $40.71; Brent is $43.31.
Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in early June. That came after American crude stockpiles shrunk by the most this year and a survey showed OPEC oil production dropped last month to the lowest since 1991. WTI Crude is $40.16; Brent is $42.58.
India’s rebound has remained behind that of its neighbor China, where demand bounced back swiftly after early progress in containing the spread of coronavirus and pledged an injection of liquidity into markets. WTI Crude is $40.14; Brent is $42.49.
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