Oil falls on demand concerns in India
Oil prices fell on Tuesday, to resume losses on concerns over weak demand in India, as the Covid-19 crisis continues to worsen, which forced the government to tighten the lockdown restrictions all over the country..
US crude fell 1.2% to $64.12, after opening at $64.89, and hit a day high at $64.99, and Brent crude fell 1.1% to $67.52, after opening at $68.28, and hit a day high at $68.36.
US crude gained 0.1% yesterday, and Brent crude futures rose less than 0.1%, in the first gain in 4 days, after a cyberattack forced Colonial Pipeline company to shutdown the main US pipelines.
The coronavirus crisis continued to escalate in India despite local and global efforts to contain it, with rising new cases and deaths to new record levels.
Covid-19 cases have surpassed 23 million people, which makes India the second worst country impacted by the pandemic.
With overwhelmed hospitals and morgues, and deaths continued to mount, the Indian authorities tightened the lockdown restrictions in large parts of India, which weighs down on fuel demand in the world's third largest oil consumer, which forced refiners to cut operations.
Dollar holds after cyberattack on US fuel pipeline
The US dollar held against most major currencies, amid focus on news of the cyberattack in the US.
US energy companies rebounded amid fears over disrupting oil supplies, after a cyberattack forced the US largest fuel pipeline to shutdown.
The World Health Organization declared the new mutated variant of the Covid-19 virus in India, which caused a lot of concern around the world.
Data showed last week that the US economy has added 266,000 jobs during April, worse than forecasts of 990,000 jobs.
The US unemployment rate rose to 6.1% in April from 6% in March, while analysts forecast a drop to 5.8%.
The dollar index held against a basket of currencies at 90.2 points as of 19:23 GMT, after it hit a high of 90.3 points and a low of 90.04 points.
Silver closes flat after last week's gain
Silver prices closed flat on Monday, as the dollar held against most major currencies, amid focus on news of the cyberattack in the US.
US energy companies rebounded amid fears over disrupting oil supplies, after a cyberattack forced the US largest fuel pipeline to shutdown.
The World Health Organization declared the new mutated variant of the Covid-19 virus in India, which caused a lot of concern around the world.
Data showed last week that the US economy has added 266,000 jobs during April, worse than forecasts of 990,000 jobs.
The dollar index held against a basket of currencies at 90.2 points as of 21:28 GMT, after it hit a high of 90.3 points and a low of 90.04 points.
Silver July futures held at $27.48 an ounce, after posting a gain of 6% last week.
Dow Jones pares early gains, Nasdaq closes 2.5% lower
The major US stock indices closed lower on Monday, as Dow Jones pulled back from its new record high, while Nasdaq fell due to the continued tech stocks rout.
US energy companies rebounded amid fears over disrupting oil supplies, after a cyberattack forced the US largest fuel pipeline to shutdown.
The World Health Organization declared the new mutated variant of the Covid-19 virus in India, which caused a lot of concern around the world.
Data showed last week that the US economy has added 266,000 jobs during April, worse than forecasts of 990,000 jobs.
The US unemployment rate rose to 6.1% in April from 6% in March, while analysts forecast a drop to 5.8%.
To the oil market, WTI crude June futures rose 0.1% or 2 cents, and closed at $64.92 a barrel, after hitting a day high of $65.7 and a low of $63.9.
Brent June futures rose 0.1% or 4 cents, and closed at $68.32 a barrel, after hitting a high of $69.2 and a low of $67.4.
As for stocks, Dow Jones fell 0.1% or 35 points, and closed at 34,742, with a day high of 35,091, and a low of 34,721.
Nasdaq fell 2.5% or 350 points to 13,401, with a high of 13,678 and a low of 13401 points.
S&P 500 fell 1% or 44 points to 4,188, after hitting a high of 4,236 and a low of 4,188.