23.9 C
New York
Monday, June 21, 2021

Oil slips further as coronavirus concerns mount

Must read

REC shares decline 0.44% as Sensex slides

A total of 91,640 shares changed hands on the counter till 11:58AM (IST)

Netflix: Will 2021 Be A Dead Year For This Streaming Giant’s Stock?

Video-streaming giant, Netflix (NASDAQ:NFLX) has been one of the strongest equity performers during the pandemic. The company and its stock benefited from the stay-at-home...

PNB Housing tanks 5% as Sebi halts Carlyle deal

PNB Housing Finance has reached the Securities Appellate Tribunal (SAT), filing an appeal against the letter by Sebi.

Indian Oil Corp. shares fall 1.02% as Nifty drops

A total of 349,974 shares changed hands on the counter till time (IST).
imageCoronavirus27 minutes ago (Sep 09, 2020 02:15AM ET)

(C) Reuters. FILE PHOTO: Dust blows around a crude oil pump jack and flare burning excess gas at a drill pad in the Permian Basin in Loving County

TOKYO (Reuters) – Oil futures fell again on Wednesday after a sharp slide in the previous session, as a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand.

Brent crude (LCOc1) was down 25 cents, or 0.6%, at $39.53 a barrel by 0455 GMT after dropping more than 5% on Tuesday to fall below $40 a barrel for the first time since June.

U.S. crude (CLc1) was down 28 cents, or 0.8%, at $36.48 a barrel, having fallen nearly 8% in the previous session.

Both major oil benchmarks are trading at around three month lows.

The global health crisis continues to flare unabated with cases rising in India, Great Britain, Spain and several parts of the United States.

The outbreak is threatening hopes for a global economic recovery that could reduce demand for fuels from aviation gas to diesel, although the price slump could lift refinery profits back into positive territory, Eurasia said in a note.

“That would be a major move and potentially a sign for the industry that the crude production and processing capacity reductions have finally met their goal in adjusting the industry in line with lower demand,” it said.

Record supply cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ have helped support prices, but with grim economic figures being reported almost daily, the outlook for demand for oil remains bleak.

China’s factory gate prices fell for a seventh straight month in August although at the slowest annual pace since March, suggesting industries in the world’s second-biggest economy continued their recovery from the coronavirus-induced downturn.

Oil slips further as coronavirus concerns mount

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

REC shares decline 0.44% as Sensex slides

A total of 91,640 shares changed hands on the counter till 11:58AM (IST)

Netflix: Will 2021 Be A Dead Year For This Streaming Giant’s Stock?

Video-streaming giant, Netflix (NASDAQ:NFLX) has been one of the strongest equity performers during the pandemic. The company and its stock benefited from the stay-at-home...

PNB Housing tanks 5% as Sebi halts Carlyle deal

PNB Housing Finance has reached the Securities Appellate Tribunal (SAT), filing an appeal against the letter by Sebi.

Indian Oil Corp. shares fall 1.02% as Nifty drops

A total of 349,974 shares changed hands on the counter till time (IST).

Buy TTK Prestige, target price Rs 9897: Anand Rathi

TTK Prestige Ltd., incorporated in the year 1955, is a Mid Cap company (having a market cap of Rs 12017.84 Crore) operating in Consumer...