Oil looks positive, but it’s going to grind higher rather than race because there are still concerns about the consumption side of the equation, and in some countries that opened up, Covid-19 has made a return. WTI Crude is $43.40; Brent is $46.27
Traders are returning their focus to the recovery in oil demand that has appeared to stall this month. Crude prices are moving in a narrow range of about $4 in August and a gauge of market volatility remains near its lowest level since January. WTI Crude is $43.01; Brent is $45.03
More than 80% of oil output in the Gulf of Mexico and almost 3 million barrels a day of refining capacity had been shut ahead of the storm, causing a spike in gasoline futures prices earlier this week. WTI Crude is $43.27; Brent is $45.42
Oil prices got a boost after the American Petroleum Institute reported U.S. oil inventories fell by 4.52 million barrels last week and gasoline stockpiles shrunk by 6.39 million barrels. WTI Crude is $43.16; Brent is $45.73
Refinery closures could shut in more than 1 million barrels a day of processing capacity before the hurricane threat passes. U.S. gasoline futures rose to the highest since before the pandemic on concern over possible fuel shortages. WTI Crude is $42.74; Brent is $45.47
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