Oil prices hover around multi-week lows on demand worries

Oil prices hover around multi-week lows on demand worries”

Oil prices fell on Thursday, at one point touchig their lowest since early August as US unemployment data fed fears of a slow recovery for the economy and fuel demand a day after weak USA gasoline demand data.

The American Petroleum Institute reported crude inventories dropped by 6.36 million barrels last week, according to people familiar with the figures.

Brent crude futures climbed 49 cents or 1.1 per cent to $45.77 a barrel at 0406 GMT.

The West Texas Intermediate (WTI) for October delivery dropped 1.6 USA dollars to settle at 39.77 dollars a barrel on the New York Mercantile Exchange.

Both benchmarks fell more than 2% on Wednesday, with WTI sliding to its lowest close in almost four weeks and Brent at its weakest since August 21. US private employers hired fewer workers than expected for a second straight month in August, suggesting the labor market recovery was slowing as the COVID-19 pandemic persists and government support for workers and employers dries up.

"This has been the summer driving season that wasn't", said John Kilduff, a partner at Again Capital LLC. "We need to see economic activity back up to get demand flowing".

More news: Trump to present Holtz with Presidential Medal of Freedom

Futures prices turned negative after weekly government data from showed lower gasoline demand from a week earlier, prompting traders to shrug off bullish USA crude inventory data.

"The bigger market picture is overall bearish sentiment that kicked off with lower gasoline demand reports on Wednesday", said Paola Rodriguez-Masiu, analyst at Rystad Energy.

Domestic production sank to 1.1M bpd to 9.7M bpd.

Refinitiv said August-loading barrels destined for China were 7.93 million bpd, down from 8.2 million bpd in July and well down from the second quarter average of 11.87 million bpd.

Money managers raised their net long U.S. crude futures and options positions by 541 contracts to 334,983 during the period in the week to September 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Like this



06 September 2020
Taiwan refutes 'rumours' of shooting Chinese Su-35 fighter jet
Some reports claim that this was an action taken by the American and Taiwanese defense system. Taiwan's Navy and Airforce are on the alert to deal with any type of aggression from China .

06 September 2020
Three dead, 147 infected after COVID super-spreader wedding
Local officials also linked the wedding to an outbreak at Maplecrest Rehabilitation & Living Center in Madison, Maine. Dentremont didn't attend the wedding, however hospital employees believed she was infected by somebody who did.

06 September 2020
Mackenzie Scott, Jeff Bezos' ex-wife, becomes world's richest woman
Scott's freshly discovered spot at the high spot comes after her mammoth separation settlement from Amazon author Bezos last July. Jeff Bezos' ex-wife, MacKenzie Scott is now the world's richest woman after Amazon shares surged during coronavirus lockdown.

06 September 2020
Fox News Confirms The Atlantic’s Report on Trump’s Soldier Comments
Griffin after she confirmed parts of a bombshell article about the president recently published by The Atlantic . A furious Trump tweeted late Friday: "Jennifer Griffin should be fired for this kind of reporting".

06 September 2020
North Korea to punish officials for typhoon casualties
One person was injured in each of Okinawa and Kagoshima due to the typhoon , according to the Fire and Disaster Management Agency. Back then, he had told local officials that he feels fortunate that the damage by typhoon No. 8 was smaller than expected.

06 September 2020
Nigeria receives world's 1st COVID-19 vaccine from Russian Federation
Over half a dozen drugmakers are already conducting advanced clinical trials, each with tens of thousands of participants. It is based on a platform that was previously used to create other vaccines.

06 September 2020
Dr. Dre's Estranged Wife Breaks Down $2M/Month, Claims Domestic Abuse
Two months ago, Young filed for divorce from the 55-year-old - whose real name is Andre Young - after 24 years of marriage . She says 2 years into their marriage he told her he was ashamed he made her sign the prenup and tore it up in front of her.

06 September 2020
Teacher’s Day 2020: Importance and Why is it Observed on September 5
So, Teachers' Day was first observed in 1962 and since then it has always been observed on the birth anniversary of Radhakrishnan. You can view these Teachers Day WhatsApp status videos online & offline also downlaod easily & place on your WhatsApp status.

06 September 2020
AJ Styles Reveals He Recently Tested Positive For Coronavirus
AJ Styles recently revealed on Twitch that he tested positive for COVID-19 "almost a month ago". The Rock promptly responded to Nash, stating that he hasn't got his tastes back either.

05 September 2020
Serena Williams advances to round three at US Open
I'm really focused on every shot", said the Moscow-born player who will take on 27th seed Ons Jabeur of Tunisia in the next round. Williams, the tournament's third seed, is seeking a 24th singles Grand Slam title that would equal Margaret Court's record.