We show you our visitors the most important and latest news in the following article:
Oil rises with the support of the International Energy Agency raised demand expectations, today, Friday, July 10, 2020 09:48 pm
Oil prices also supported the rise of stocks. A batch of economic data indicated a recovery in US business activity in June.
On a weekly basis, US crude remained little changed, while Brent achieved a weekly gain of about 1%.
The Paris-based agency raised its demand forecast to 92.1 million bpd, up 400,000 bpd from its forecast last month, attributing this to a lower-than-expected pace in the second quarter of the year.
More than 60,500 new cases of corona were reported in the United States on Thursday, setting a new record. The number is also the largest daily for any country since the virus appeared in China late last year.
Prices had fallen earlier in the session after the National Oil Corporation of Libya announced that it had raised the state of force majeure it imposed on all oil exports, after half a year of blockade by forces from the east of the country.
Oil stocks are still in glut due to the dissipation of the demand for gasoline, diesel and other fuels during the initial outbreak of the pandemic.
US oil stocks rose by nearly six million barrels last week after analysts expected it to drop by about half of that number.