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2020-07-03 11:55:00

OIL PRICE: NOT ABOVE $43 ANEW

OIL PRICE: NOT ABOVE $43 ANEW

REUTERS - JULY 3, 2020 - Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery.

The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic. The rise in cases suggested U.S. jobs growth, which jumped in June, could suffer a setback.

Brent crude LCOc1 was down 52 cents, or 1.2%, at $42.62 a barrel as of 0805 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 fell 50 cents, or 1.2%, to $40.15.

“The fragile U.S. economic rebound is at risk of being undone by the latest surge in new infections,” said Stephen Brennock of oil broker PVM.

Both benchmarks rose more than 2% on Thursday, buoyed by strong U.S. June jobs figures and a drop in U.S. crude inventories. Brent is still heading for a weekly gain of more than 5%.

Signs of economic recovery, and a drop in supply after a record supply cut by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have helped Brent more than double from a 21-year low below $16 reached in April.

Boosting recovery hopes, a private survey showed on Friday that China’s services sector expanded at the fastest pace in over a decade in June.

OPEC oil production fell to its lowest in decades in June  and Russian production has dropped near its OPEC+ target.

The bankruptcy filing of U.S. shale pioneer Chesapeake Energy also supported prices by raising expectations production will decline, JBC Energy said in a report.

Gasoline demand will be closely watched as the United States heads into the July 4 holiday weekend. U.S. gasoline stocks USOILG=ECK rose by 1.2 million barrels last week.

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Earlier:

OIL PRICE: NOT ABOVE $43 ANEW
2020, July, 2, 12:05:00
OIL PRICE: NOT ABOVE $43
Brent was up 25 cents or 0.6% at $42.28 a barrel, WTI rose 25 cents, or 0.6%, to $40.07 a barrel
OIL PRICE: NOT ABOVE $43 ANEW
2020, June, 30, 13:00:00
OIL PRICE: NEAR $41 AGAIN
Brent fell 22 cents, or 0.5%, to $41.63 a barrel, WTI was down 27 cents, or 0.7%, at $39.43 a barrel.
OIL PRICE: NOT ABOVE $43 ANEW
2020, June, 29, 14:35:00
OIL PRICE: NEAR $41 YET
Brent fell 4 cents, or 0.1%, to $40.98 a barrel, WTI was up 7 cents, or 0.2%, at $38.56.
OIL PRICE: NOT ABOVE $43 ANEW
2020, June, 26, 11:40:00
OIL PRICE: NEAR $41
Brent rose 32 cents, or 0.8%, to $41.37, WTI gained 25 cents, or 0.7%, to $38.97
OIL PRICE: NOT ABOVE $43 ANEW
2020, June, 25, 14:15:00
OIL PRICE: NEAR $40 ANEW
Brent fell 13 cents, or 0.3%, to $40.18 a barrel, WTI declined 23 cents, or 0.6%, to $37.78 a barrel.
OIL PRICE: NOT ABOVE $43 ANEW
2020, June, 24, 12:55:00
OIL PRICE: NEAR $42
Brent slipped 47 cents, or 1.1%, to $42.16 a barrel, WTI fell 59 cents, or 1.5%, to $39.78 a barrel.
OIL PRICE: NOT ABOVE $43 ANEW
2020, June, 23, 14:45:00
OIL PRICE: NEAR $44
Brent rose 49 cents, or 1.1%, to $43.57 a barrel, WTI was up 48 cents, or 1.2%, at $41.21 a barrel
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Tags: OIL, PRICE, BRENT, WTI
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OIL PRICE: NOT ABOVE $43 ANEW
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OIL PRICE: NEAR $43 TOO
Brent slid 40 cents, or 0.9%, to $43.12 a barrel, WTI was down 46 cents, or 1.1%, at $39.81.
OIL PRICE: NOT ABOVE $43 ANEW
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