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Other Stories of Interest: Tue, Jul 27, 2021 | Marcellus Drilling News marcellusdrilling.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marcellusdrilling.com Daily Mail and Mail on Sunday newspapers.
Oil Rises With Robust Economic Data Offsetting Virus Concerns Bloomberg 1 hr ago Andres Guerra Luz (Bloomberg) Oil rose the most in over a week alongside a broader market rally after positive economic data from the U.S. and Europe allayed some of the concerns around a rampant Covid-19 resurgence in countries such as India. Futures climbed as much as 1.6% in New York after flipping between small gains and losses earlier in the session. A composite gauge of output at U.S. manufacturers and service providers reached a record high in April, while the latest data showed robust manufacturing figures in Europe. The dollar weakened, boosting the appeal of commodities priced in the currency, while strengthening U.S. equities helped support prices. ....
Oil Set for Weekly Loss With Market Facing Patchy Demand Rebound Bloomberg 1 hr ago Andres Guerra Luz (Bloomberg) Oil headed for a weekly decline with spreading coronavirus cases in countries such as India tempering optimism around positive economic data in the U.S. and Europe. Popular Searches Futures in New York pared gains on Friday after briefly surging as much as 1.6% in a choppy trading session. U.S. benchmark crude is headed for a roughly 2% weekly decline, as progress toward a global economic reopening comes in fits and starts. While the outlook is firming up in the U.S. and the latest manufacturing figures out of Europe have stoked optimism, India has been setting record numbers of daily coronavirus cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations. ....
Oil Set for Weekly Loss With Virus Surge Muddying Demand Outlook msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Oil Wavers With Market Weighing Uneven Global Demand Comeback Bloomberg 2 hrs ago Andres Guerra Luz (Bloomberg) Oil oscillated near Wednesday’s close as a resurgence of coronavirus in India cast a cloud over signs of strengthening demand in other key economies. West Texas Intermediate was little changed after flipping between gains and losses in a $1.26 a barrel trading range on Thursday. In India, the world’s third largest oil importer, coronavirus cases have topped 300,000 a day. Concerns around demand there have offset improving gasoline demand in the U.S. and fewest jobless claims since the pandemic began. “It’s going to be hard for the market to rally,” said Bob Yawger, head of the futures division at Mizuho Securities. “With India posting those kind of case numbers, it could be a drag on the market for a while.” ....