NEW YORK (Reuters) – Oil had few changes on Friday, however, recorded its moment directly as a weekly loss as inventories increased internationally and demand for fuel struggled to recover to pre-coronavirus levels.
Brent and U. S. crude lost about 6% this week after a series of signs that markets still have abundant supply: Saudi Arabia and Kuwait have reduced official promotion in Asia, U. S. inventories have increased, and investors are resusing ships for storage.
Brent ended the consultation with a drop of 23 cents, or 0. 6 percent, to $39. 83 consistent with the barrel, while U. S. crude stabilized 3 cents to $37. 33 consistent with the barrel.
Coronavirus infections are emerging in several countries across India, where the Ministry of Health on Friday reported a record 96551 new cases, bringing the official total to 4. 5 million.
U. S. stock markets are in the middle of the U. S. stock market. But it’s not the first time They ended the fall for a moment a week after several economic signs recommending a long and complicated recovery from the pandemic.
“Financial markets continue to set the tone, in the Oil Market Array . . . fears of oversupply have added to the general sense of uncertainty,” Commerzbank analysts said in a note.
In the United States, crude oil inventories rose to 2 million barrels last week. Refineries have slowly resumed operations after production sites closed due to storms in the Gulf of Mexico. [EIA/S] [ENERGYUSA]
Traders are beginning to book tanker trucks to buy crude oil and diesel, a sign of oversupply amid stagnant economic recovery as the COVID-19 pandemic continues.
For a chart on the floating oil garage in Europe Floating oil garage in Europe:
https://graphics. reuters. com/GLOBAL-OIL/nmovaqzkdva/chart. png
The market control body, the Organization of Petroleum Exporting Countries (OPEC) and its allies, in addition to Russia, or OPEC, will meet on 17 September to discuss how to manage global oversupply. The organization cut production in the spring to allow stocks to run. Out.
In recent days, Saudi Arabia and Kuwait have lowered their official crude oil promotion to Asia in October, a sign of slowing demand.
Fund managers cut their net long positions on us crude futures and features in the past week, a sign that hedge fund managers expect additional weakness in oil markets.
(Additional reporting via Bozorgmehr Sharafedin in London and Aaron Sheldrick in Tokyo; edited through Marguerita Choy and David Gregorio)
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