Economy

Crude oil records first weekly decline in six weeks

Crude oil records first weekly decline in six weeks”

Meanwhile, as Wednesday's FOMC minutes appeared to have downsized optimism over global economic health and raised an alarming bell over a series of local spikes in pandemic cases that would be lowering the people's confidence in restaurants, entertainments and traveling, the US West Texas Intermediate crude oil futures' prices were plunged by 8.2 per cent to $36.34 a barrel, while the United Kingdom crude futures' prices had pummelled 7.6 per cent to wind down the day at $38.55 a barrel. The contract is down 7.3 per cent this week. Brent crude oil for August delivery rose 18 cents to $38.73 a barrel. July natural gas fell 8 cents to $1.73 per 1,000 cubic feet.

Both benchmarks logged weekly declines of about 8%, their first after six weeks of gains that have lifted prices off April lows.

While producers have been cutting supply, demand remains constrained by the outbreak, with gasoline stockpiles in the US last week rising more than expected to 258.6 million barrels, according to government data.

Barclays forecasts a slow recovery in the near term, not because of an increase in virus cases, but because "the steepest decline in supply and the fastest improvement in demand is likely behind us". Crude pared earlier declines to trade above $36 on Friday.

More news: Sushant Singh Rajput, rising Bollywood star, dies at 34

While Treasury Secretary Steven Mnuchin said the USA shouldn't shut down the economy again even if there is another jump in coronavirus cases, more than 2 million Americans have now been infected.

A cluster of infections in Beijing has increased concern of a resurgence of the disease.

The threat of a protracted recovery may put pressure on OPEC and its allies to cap production throughout 2020, and the group may take further steps to rebalance the energy market as the most recent Monthly Oil Market Report (MOMR) warns that "in 2020, world oil demand growth isadjusted lower by 2.23 mb/d and is now forecast to drop by 9.07 mb/d". WisdomTree's WTI Crude Oil ETF had a little over $128 million worth of outflows, according to filings. The deal even secured commitments from laggards such as Iraq and Nigeria after they were called out for their non-compliance. Global crude consumption will return to about 95 million barrels a day by December, the trading house's Chief Executive Officer Marco Dunand said in an interview Thursday.



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