Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in U.S. gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States.
U.S. West Texas Intermediate crude CLc1 futures were unchanged at $40.90 a barrel at 0035 GMT, after rising 0.7% on Wednesday.“The market’s struggling to get strong conviction to the upside at the current point in time,” said Lachlan Shaw, head of commodity research at National Australia Bank. “There’s mixed evidence on demand.”
Oil prices rose on Wednesday as data from the U.S. Energy Information Administration showed U.S. gasoline stockpiles dropped by 4.8 million barrels last week, much more than analysts had expected, as demand climbed to 8.8 million barrels per day, the highest since March 20. [EIA/S] However gains were tempered as a spike in COVID-19 cases across several U.S. states raised the prospect of renewed lockdowns holding back the fuel demand recovery.Gasoline demand was falling in areas where lockdowns were being reinstated in the United States, while U.S. demand on the east coast, where coronavirus infections were under control, was recovering well, Shaw said.
The United States reported more than 58,000 new COVID-19 cases on Wednesday, the biggest increase ever reported by a country in a single day, with infections climbing in 42 out of 50 states, according to a Reuters tally.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil edges lower as U.S. inventory build stokes supply fearsOil prices dipped on Wednesday after industry data showing a build in U.S. crude stockpiles added to worries about oversupply, but hopes for a swift economic recovery in China limited losses.
Read more »
Oil prices slide as spike in U.S. coronavirus cases casts gloom over fuel demand prospectsOil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand.
Read more »
Hundreds evacuated after oil spill in central PhilippinesMore than 400 people have been evacuated from a coastal village in the central Philippines after about 250,000 liters (66,000 gallons) of bunker fuel spilled from a power-generating barge into the sea
Read more »
Emerald Green Herb Oil Recipe on Food52This recipe is perfect for utilizing the leftover herbs in your fridge. Any soft fresh herb will work (basil, parsley, chives, oregano, dill, cilantro, etc). The oil can be used in a salad dressing or as a garnish for anything from soup to fish to eggs. This herb oil is also good if you want to make a green-tinted homemade aioli.
Read more »
Oil prices inch higher on output cut support, but U.S. coronavirus spike caps gainsOil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.
Read more »
What if carbon removal becomes the new Big Oil?Thirty years from now, a new technology has stabilised the climate and brought the planet's emissions to net-zero. How does it work?
Read more »