"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
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