2020-07-10 11:45:00
OIL PRICE: NOT ABOVE $42
REUTERS - JULY 10, 2020 - Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere could suppress fuel demand.
Brent crude LCOc1 was down by 73 cents, or 1.7%, at $41.62 a barrel by 0712 GMT after falling more than 2% on Thursday. U.S. oil CLc1 fell 83 cents, or 2.1%, at $38.79 a barrel after a drop of 3% in the previous session.
Brent looks set for a weekly decline of nearly 3% and U.S. crude for a fall of around 4.5%. Trading was quiet with Singapore on holiday for an election.
While many analysts are expecting economies and fuel demand to bounce back from the pandemic, record daily increases in coronavirus infections in the United States, the world's biggest oil consumer, raised concerns about the pace of any recovery.
"We may need evidence that the U.S. has brought Covid-19 under control ... to spark a sustained rally beyond the present wider ranges," said Jeffrey Halley, senior market analyst at OANDA.
More than 60,500 new COVID-19 cases were reported in the United States on Thursday, setting a daily record, with Americans being told to take new precautions. The tally was also the highest daily count yet for any country since the pathogen emerged in China late last year.
In Australia, the government on Friday will consider reducing the number of citizens allowed to return to the country from overseas, after authorities ordered a new lockdown of the country's second-most populous city, Melbourne.
Oil inventories remain bloated due to the evaporation of demand for gasoline, diesel and other fuels during the initial outbreak.
U.S. crude oil inventories rose by nearly 6 million barrels last week after analysts had forecast a decline of just over half that figure.
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Earlier:
2020, July, 9, 15:55:00
OIL PRICE: NEAR $43 AGAIN
Brent up 5 cents, or 0.12%, to $43.34, WTI dipped 14 cents, or 0.3%, to $40.76,
2020, July, 9, 15:50:00
GLOBAL OIL INVENTORIES WILL DOWN
Global oil inventories to generally draw through the end of 2021 as global oil demand continues to recover.
2020, July, 8, 12:00:00
OIL PRICE: NEAR $43 YET
Brent fell 11 cents, or 0.3%, to $42.97 a barrel, WTI dropped 11 cents, or 0.3%, to $40.51 a barrel,
2020, July, 8, 11:55:00
OIL PRICES 2020-21: $41-$50
EIA expects monthly Brent spot prices will average $41/b during the second half of 2020 and rise to an average of $50/b in 2021
2020, July, 8, 11:50:00
OPEC OIL PRODUCTION DOWN
OPEC's 13 members pumped 22.31 million b/d, the organization's lowest collective output since September 1990,
2020, July, 7, 16:25:00
OIL PRICE: NOT ABOVE $43 AGAIN
Brent declined by 24 cents, or 0.56%, to $42.86, WTI fell 30 cents, or 0.74%, to $40.33 a barrel.
2020, July, 6, 11:15:00
OIL PRICE: ABOVE $43
Brent rose 18 cents, or 0.4%, to $42.98 a barrel, WTI was at $40.42, down 23 cents, or 0.6%,
