Oil prices rise, but concerns about recovery in demand curb gains

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Oil prices are rising, but concerns about the recovery of demand are holding back gains. Today, Thursday, July 23, 2020 09:19 am

History: July 23, 2020

Oil prices rose on Thursday, but an unexpected increase in US crude stocks and the continued increase in new cases of Corona virus, which discouraged the recovery of fuel demand, which limited the gains.

US crude oil inventories and distillates rose unexpectedly while fuel demand fell in the most recent week, the US Energy Information Administration said on Wednesday. A sharp increase in the number of corona cases affected the American consumption.

Brent crude rose seven cents, or 0.2%, to $ 44.36 a barrel by 05:45 GMT, and West Texas Intermediate U.S. crude increased eight cents, or 0.2%, to $ 41.98.

Prices have remained virtually unchanged since hitting a four-month high this week, driven by upbeat news about a vaccine to protect against corona.

The United States recorded more than 1,000 deaths with Covid-19 on Tuesday, according to a Reuters count, the first time that it has returned to exceed that threshold since June 10.

Crude inventories rose in the United States by 4.9 million barrels over the week ending July 17 to 536.6 million barrels, while analysts in a Reuters poll expected a decline of 2.1 million barrels.

“The oil market has been remarkably calm, despite the unexpected rise in stocks and the escalation of tension between the trade giants of the United States and China,” said Avtar Sandu, director of commodities at Philip Futures.

Weak economic data from Japan, the fourth largest oil consumer in the world, also put pressure on crude prices.

Data on consumer confidence in Europe to be released later today is likely to determine the course of oil prices.

Follow the economic statement via Google News

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