Oil futures were up on Thursday, supported by a drop in US unemployment and a drawdown in crude inventories, but the spike in US coronavirus infections fanned concerns that economic activity will weaken in coming weeks.[NEW YORK] Oil futures were up on Thursday, supported by a drop in US unemployment and a drawdown in crude inventories, but the spike in US coronavirus infections fanned concerns that economic activity will weaken in coming weeks.
New Covid-19 cases in the United States rose by nearly 50,000 on Wednesday, according to a Reuters tally, the biggest one-day spike since the start of the pandemic. Numerous states are advising citizens to restrict movements and closing bars and restaurants again, which is expected to hamper further job growth.
Brent crude futures rose 69 cents, or 1.6 per cent, to trade at US$42.72 a barrel by 1.25pm EDT . US West Texas Intermediate crude futures gained 49 cents, or 1.2 per cent, to US$40.31 a barrel. "Prices definitely got a boost from the economic data, but I think the reason we're not getting a more enthusiastic reaction to the upside is because of the concerns about the uptick of the virus," said Phil Flynn, senior analyst at Price Futures Group in Chicago.
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:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices slip on demand fears as US virus cases surgeOil prices slipped in early trade on Thursday after California reimposed some coronavirus lockdown measures, stoking worries a resurgence in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US seeks to seize Iran oil cargoes bound for VenezuelaWASHINGTON (AFP) - The US Justice Department issued a warrant on Thursday (July 2) to seize the cargoes of four tankers carrying Iranian oil to Venezuela, tying the shipments to Iran's Revolutionary Guards, which Washington calls a terror group.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
US could hit 100,000 new virus cases a day: FauciWASHINGTON — A top US health expert warned Congress on Tuesday (June 30) that new coronavirus cases could more than double to 100,000 per day if authorities and the public fail to take steps to suppress the pandemic.
Source: TODAYonline - 🏆 1. / 99 Read more »
South Korea calls for US-North Korea summit before US electionSEOUL (REUTERS) - South Korean President Moon Jae-in has said US President Donald Trump and North Korean leader Kim Jong Un should meet again before the US presidential election in November, a Seoul official told reporters on Wednesday (July 1).. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
US COVID-19 deaths likely higher than reported: US studyThe number of Americans who died from COVID-19 in March through May was likely significantly higher than the official US count due in part to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US lawmaker seeks to ban Chinese firms from US capital marketsA top senator is preparing a bill to ban Chinese companies from U.S. capital markets if they engage in spying, human rights abuse or support ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »