Oil futures on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in Covid-19 cases in some countries undermined hopes for a steady recovery in global demand.
US crude rose US$1.15, or 3.1%, to US$37.91 a barrel, having fallen nearly 8% in the previous session. "When strong Middle Eastern producers are willing to sell-off in lower prices it is normal that the global market panics and follows suit," said Paola Rodriguez-Masiu, Rystad Energy's senior oil markets analyst.
"Short-term oil market fundamentals look soft: the demand recovery is fragile, inventories and spare capacity are high, and refining margins are low," Morgan Stanley said.
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:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kilometre-long slick left by burning oil tanker spotted off Sri Lanka | New Straits TimesCOLOMBO: A stricken oil tanker off Sri Lanka that has been on fire since last week has left a kilometre-long (0.6 mile) slick across the Indian Ocean, the country's navy said Wednesday, sparking fears of an environmental disaster.
Source: NST_Online - 🏆 17. / 53 Read more »
24 new Covid-19 cases reported today, drop from 100 yesterday | New Straits TimesNSTnation Of the 24 new cases, six are import cases where the patients had contracted Covid-19 abroad, comprising three Malaysians and three non-citizens. Covid19 SOP PhysicalDistancing FaceMasks
Source: NST_Online - 🏆 17. / 53 Read more »
New flood forecast system to give 48 hours advance warning | New Straits TimesKUALA LUMPUR: Malaysia faces a 60 per cent probability of experiencing the La Niña phenomenon from October this year.
Source: NST_Online - 🏆 17. / 53 Read more »
Alarming 100 new Covid-19 cases registered today | New Straits TimesKUALA LUMPUR: The Health Ministry recorded 100 new Covid-19 cases today – a sharp rise from 62 yesterday – raising the tally of infections in the country to 9,559.
Source: NST_Online - 🏆 17. / 53 Read more »
Covid-19: 100 new cases recorded, highest during recovery MCO, no new deathsPUTRAJAYA: Malaysia confirmed 100 new Covid-19 cases on Tuesday (Sept 8), with 62 cases coming from the Benteng Lahad Datu (LD) cluster in Sabah.
Source: staronline - 🏆 4. / 75 Read more »
Apple to unveil new 5G iPhone on Sept 15 | New Straits TimesSAN FRANCISCO: Apple on Tuesday fired off invitations to a Sept 15 online event expected to introduce a new-generation iPhone tailored for superfast 5G telecom networks.
Source: NST_Online - 🏆 17. / 53 Read more »