Oil prices rise due to the decline in US unemployment and crude stocks

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Oil prices rose on Thursday after data showed a decline in US unemployment and a sharp drop in crude stocks, but concerns that a spike in Corona virus infections in the United States could hamper the recovery in fuel demand curbed gains.
US nonfarm payrolls increased by 4.8 million in June, the Labor Department said on Thursday, which exceeded expectations.
By 1556 GMT, Brent crude futures were up 78 cents, or 1.86 percent, to $ 42.81 a barrel, after rising 1.8 percent in the previous session.
US West Texas Intermediate crude futures rose 66 cents, or 1.66 percent, to $ 40.48 a barrel, after rising 1.4 percent on Wednesday.
US crude inventories fell 7.2 million barrels from a record high last week, far exceeding what analysts had expected, according to the Energy Information Administration data, as refiners increased production and imports declined.
“The oil prices ranged after OPEC did what it had to offer, so that the main uncertainty remains in the recovery of demand,” said Harry Shillingorian, head of commodities research at BNP Paribas.
“Crude exceeded expectations for a drop in inventory but gasoline stocks increased, which means that the recovery has stopped for at least a week.”
New cases of Covid-19 disease in the United States increased about 50,000 on Wednesday, according to figures compiled by Reuters, the largest one-day mutation since the start of the pandemic.

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