Oil pulls back from 1-week high after record surge in US coronavirus cases

Economies.com
2020-07-03 08:48AM UTC

Oil prices fell on Friday, pulling back from 1-week high that was hit yesterday, to head for the first loss in 5 days, on profit-taking and growing concerns over slowing US demand, after a record surge in new coronavirus cases.

 

US crude fell 0.75% to $40.05, after it opened at $40.35, and hit an intraday high of $40.48, and Brent crude fell 0.5% to $42.52, after it opened at $42.74, and hit a high of $42.96 .

 

The US crude gained 1.5% yesterday, posting its fourth daily gain, and hit a 1-week high of $40.73, and Brent futures gained 2% and hit the highest since June 23 at $43.21.

 

This came thanks to a drop in the US crude inventories, in a good sign of improved US demand after easing the coronavirus-lockdown.

 

But with coronavirus infection in the United States rising by more than 73,000 on Thursday, setting a new record for the third day in a row, fears of demand faltering again in the country.

 

However, coronavirus infections rose to more than 73,000 cases on Thursday in the US, the third straight record increase, which raised demand fears.

 

This could force the US government to tighten the quarantine measures again in order to contain the outbreak, which may also force the industrial and service activities to close for a longer period.

Commodities News

Gold News

Commodities

Gold prices trade steady as dollar gains ground
2024-03-18 18:41PM UTC
Gold prices stabilize on Monday as markets await the crucial Federal Reserve’s policy meeting ...
Copper News

Commodities

Copper prices stabilize following Chinese data
2024-03-18 17:20PM UTC
Copper prices gained modest ground on Monday as markets pause to conduct proper inventory after the ...
Silver News

Commodities

Is silver trading at suitable levels for investment?
2024-03-18 11:57AM UTC
Silver prices declined in European trade on Monday off three-month highs on profit-taking as ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

No news for natural gas price – Forecast today – 19-3-2024
2024-03-19 05:05AM UTC
Natural gas price formed new sideways fluctuation by settling near 1.735 and postponing the bullish ...
Platinum Analysis

Commodities

Platinum price faces the moving average – Forecast today – 19-3-2024
2024-03-19 05:04AM UTC
Platinum price still affected by the contradiction between the major indicators, to notice crawling ...
Copper Analysis

Commodities

Copper price needs new momentum – Forecast today – 19-3-2024
2024-03-19 05:04AM UTC
Copper price repeated its fluctuation below 4.1500 level recently without recording any new ...