"The US Congress can't seem to come up with a plan for the next round of stimulus and it's creating doubt for US economic recovery," said Gary Cunningham, director of market research at Tradition Energy.
Opec member Iraq pledged to cut output further in August, which helped support prices. The nation has been a laggard in fully meeting its pledge as part of an April deal to reduce supply."Keeping the price levels would be unrealistic," Bjornar Tonhaugen of Rystad Energy said of this week's rise."Traders rushed to the task today to correct the gains, remembering the invisible enemy, COVID-19.
US non-farm payrolls for July came in slightly better than expected, but still showed employment growth slowed. US Democratic leaders said the jobs report showed more investments were needed. US energy companies cut the number of oil and natural gas rigs this week to a record low for a 14th week. US oil rigs fell by four to 176 this week, their lowest since July 2005, according to data from energy services firm Baker Hughes Co.
Money managers raised their net long US crude futures and options positions in the week to Aug 4 by 8,096 contracts to 368,643, the US Commodity Futures Trading Commission said.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil settles below 5-month highs amid fuel demand worries[NEW YORK] Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq's supply cuts, pushing the benchmarks in and out of positive territory. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Europe: London stocks drag shares lower as Glencore, oil stocks weigh[BENGALURU] European equities declined on Thursday as London stocks were sapped after Glencore scrapped its dividend and oil stocks slid, while investors kept a close eye on Washington for progress on US stimulus. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Penguin posts 53.2% drop in H1 earnings amid Covid-19, weak oil pricesTHE net profit of Penguin International, which builds high-speed aluminium craft, plunged 53.2 per cent to S$3.9 million for the six months ended June, hit by the double whammy of the Covid-19 pandemic and weak oil prices. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Oil prices hit 5-month high as US crude stockpiles, dollar fall[NEW YORK] Oil prices rose to their highest since early March on Wednesday after US crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Oil settles below 5-month highs amid fuel demand worries[NEW YORK] Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq's supply cuts, pushing the benchmarks in and out of positive territory. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »