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Oil Stocks Hold Strong Amid Climate Uproar
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Oil prices end the week down as demand s rebound gets patchy
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Oil fell this week with spreading coronavirus cases in countries such as India tempering optimism.
(Bloomberg) Oil fell this week with spreading coronavirus cases in countries such as India tempering optimism around positive signs out of the U.S. and Europe.
Futures in New York rose the most in over a week on Friday, but were unable to reverse a 1.6% weekly loss as the market weighed a global economic reopening that’s coming in fits and starts. The U.S. has remained near the forefront of the world’s budding demand recovery from the pandemic, and the latest manufacturing figures out of Europe have stoked optimism around a recovery there.
Oil posts weekly loss, faces patchy demand rebound
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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.
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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.