Oil stabilizes as market attracts upbeat optimistic data and Corona virus concerns


France’s Total oil refinery – image from Reuters archive.

NEW YORK (Reuters) – Oil prices closed little changed on Tuesday, as the market dragged on between concerns about demand amid a new jump in cases of the Corona virus and expectations for the US government to drop production. Raw.

Brent crude contracts, the world record for the closest trading session low, ended two years, to settle at $ 43.08 a barrel.

And the US benchmark West Texas Intermediate crude oil contracts settled at $ 40.62 a barrel, down one cent.

Phil Flynn, chief analyst at Price Futures Group in Chicago, said that oil prices were supported in early trading from higher expectations for demand and positive data on jobs in America. However, the market gave up the gains as it returned to focus on increasing cases of coronavirus.

The US Energy Information Administration speculated that global oil demand will recover until the end of 2021, expecting demand to reach 101.1 million barrels per day by the fourth quarter of next year.

On Monday, Saudi Arabia raised the official selling prices for its materials for August, in a sign that it expects a recovery in demand. But analysts said the move could negatively affect the already weak profit margins of the refining companies.

Wajdi Al-Alfy prepared for the Arab Bulletin


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