Oil Dips as U.S.-China Tensions Add to Nerves on Global Economy
Monday, 25 May 2020 08:31 WIB | ENERGY |WTIBrent

Oil edged lower as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.

Futures in New York lost 0.4% in Asian trading after falling 2% on Friday. China warned that some in the U.S. were pushing the countries toward a new Cold War, stoking concerns that deteriorating relations between the superpowers could complicate the market™s recovery from a historic demand crash. Beijing last week abandoned its decades-long practice of setting an annual target for economic growth due to uncertainty caused by the coronavirus.

However, there are signs the oil market is positioning itself for a recovery. U.S. shale drillers have cut the number of active rigs to the lowest level since 2009, trimming output further. This comes as OPEC+ slashes daily output by almost 10 million barrels in an effort to reduce a glut.

Oil has surged about 75% this month as pockets of demand return in China and India after the easing of lockdown restrictions, and as U.S. crude inventories start to decline. However, the recovery is expected to be long and uncertain, with the risk of a second wave infections possibly complicating a rebound.

The U.S. should give up its œwishful thinking of changing China, Foreign Minister Wang Yi said Sunday during his annual news briefing on the sidelines of National People™s Congress meetings in Beijing. He also warned America not to cross China™s œred line on Taiwan.

West Texas Intermediate crude for July delivery declined 12 cents to $33.13 a barrel on the New York Mercantile Exchange as of 8:24 a.m. in Singapore.

Brent for July settlement slipped 0.7% to $34.90 on the ICE Futures Europe exchange after falling 2.6% on Friday.

Source:  Bloomberg


Oil falls, with U.S. benchmark settling back under $40 as coronavirus concerns swirl
Friday, 10 July 2020 02:42 WIB

Oil futures fell on Thursday, with U.S. benchmark prices settling back below $40 a barrel, as commodity traders contended with rising cases of coronavirus in the U.S. and some other countries that may threaten to unsettle demand for crude. August West Texas Intermediate crude fell by $1.28, or 3.1%...

Oil Steady as Coronavirus Fears Offset Gasoline Recovery Signs
Thursday, 9 July 2020 18:21 WIB

Concerns about renewed coronavirus lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand on Thursday to keep a lid on oil prices. The market is also in a holding pattern ahead of a meeting on July 15 of the market monitoring panel of the Organization of the Petroleum...

Oil Anchored Near $41 With Gains Capped by Rising Stockpiles
Thursday, 9 July 2020 08:27 WIB

Oil was anchored near $41 a barrel in New York with swelling U.S. crude stockpiles raising fresh concerns about supply, while coronavirus cases continued to surge across the world. Stockpiles at the key storage hub of Cushing expanded for the first time since early May as nationwide ...

Oil rises on improving U.S. gasoline demand
Thursday, 9 July 2020 02:45 WIB

Oil prices edged up on Wednesday on signs of a recovery in gasoline consumption in the United States, but rising U.S. crude inventories and an increase in coronavirus infections limited gains. Brent crude futures rose 25 cents to $43.37 a barrel. West Texas Intermediate crude futures settled 28 cen...

Oil Stuck Below $41 With Signs U.S. Crude Stockpiles Swelled
Wednesday, 8 July 2020 14:36 WIB

Oil was anchored below $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections. The American Petroleum Institute reported inventories rose by 2.05 million barrels last...

Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high
Friday, 10 July 2020 03:18 WIB The S&P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to earnings, though the Nasdaq registered another record closing...


Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.