Login ID:
Password:
Partner Login
Contact Us : 7066511911

Crude Oil Toppled from Rising Streak Due to Surge in COVID – 19 Cases

5 Aug 2020 8:37 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Oil prices fell for the first time in four days on Wednesday, pulling back from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence in a pickup in fuel demand.

Brent crude was down 16 cents, or 0.4%, at $44.27 a barrel by 0117 GMT. It finished 0.6% higher on Wednesday – the highest close since March 6.

West Texas Intermediate oil was down 17 cents, or 0.4%, at $41.53 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July.

Coronavirus cases continue rising in the United States, and deaths are at more than a 1,000 a day, while dozens of states have had to pause or scale back plans to reopen their economies.

Still, talks between Democrats in Congress and the White House on a new package of coronavirus relief started moving in the right direction, although the two sides remain far apart.

U.S. factory data this week also showed an improvement in orders, which some analysts saw as offering relief to concerns about risks to any recovery.

"Oil could be ready to test the upper boundaries of its recently tight range," said Edward Moya, senior market analyst, at OANDA.

In the near term, though, traders shrugged off data showing a big fall in crude oil inventories in the U.S., normally enough to spur a rally in prices.

Crude inventories were down by 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts' expectations for a drop of 3 million barrels. API/S Official figures from the U.S. Department of Energy are due out later on Wednesday.

(Commodities Control Bureau)



       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Low Diesel Demand hits BPCL’s Crude Runs, Ups Petrol Im...
Crude Oil Up 1% on Economic Hope; Virus Fears Check Pri...
Energy – Crude Oil (Oct ‘20) – Consolidating Near A Res...
Energy – Natural Gas (NYMEX) – Requires A Breakout Abov...
Energy – Natural Gas (NYMEX) – Requires A Breakout Abov...
more
Top 5 News
China's Aluminium Scrap Imports Fell 22.2% in August
Chana Trades Higher in Delhi Amid Firm Futures & Less S...
Iron Ore Arrivals at Chinese Ports Increased 2.81 Mn MT...
Haryana Govt To Start Kharif Moong Crop Procurement At ...
Long/Short Quantity Position In NCDEX Chana On 28th Sep...
Top 5 Special Reports
USD/INR (Oct ‘20) – Consolidating in a Downtrend / More...
CCI Gears Up For Export First Time thru Government Chan...
Weekly: Pulses Rise on Crop Damage Report, Hike In MSP
USD/INR (Oct ‘20) – Needs a Breakout Above Resistance a...
Weekly: ICE Cotton Manages to End Positive on Technica...
Copyright © CC Commodity Info Services LLP. All rights reserved.