Crude steady as rising European Covid19 cases offset US oil stock draw
[NEW YORK] Oil prices were steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, offsetting a bullish drop in US crude and fuel inventories. Read more at The Business Times.
Tell us what you think. Email us firstname.lastname@example.orgPrices were also capped by data showing the number of Americans filing new claims for unemployment benefits unexpectedly increased last week, supporting views the economic recovery from the Covid-19 pandemic was running out of steam amid diminishing government funding.
"Oil prices are holding up pretty well despite the lack of additional US government stimulus," Phil Flynn, senior analyst at Price Futures Group in Chicago said, noting the market received support from this week's US oil inventory data and a rise in the stock market.
US crude, petrol and distillate inventories all fell last week, according to government data on Wednesday.US fuel demand, however, remains subdued as the pandemic limits travel. The four-week average petrol demand last week was down 9 per cent from a year earlier, government data showed.
Looking forward, a senior executive at US oil producer ConocoPhillips said global demand will return to 100 million barrels per day and grow from there.On the supply side, the market remains wary of a resumption of exports from Libya, although it is unclear how quickly it can ramp up volumes.
An oil tanker was loading a crude cargo on Thursday from one of three recently reopened Libyan terminals, with more loadings expected over the coming days.REUTERSBT is now on Telegram! Read more: The Business Times »
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