US oil prices advance on growing fuel demand

Commodities markets are taking a positive view on the global recovery

29 June 2020 | Sakenuus
By Aaron Sheldrick and Sonali Paul

Oil prices rose, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some US states and signs of a revival in US crude production.

US West Texas Intermediate (WTI) crude futures gained 25 cents, or 0.7%, to US$38.97 at 0643 GMT but were on track for a slight drop for the week.

Brent crude futures rose by 32 cents, or 0.8%, to US$41.37 and were also heading for a small decline for the week.

Overall, commodities markets were taking a positive view on the global recovery on Friday despite worries about coronavirus flare-ups, said Avtar Sandu, senior manager commodities at Phillip Futures in Singapore.

"Optimism about recovering fuel demand worldwide has been supportive of prices despite an increase in total coronavirus infections worldwide and amid signs that US crude production from shale would grow," he said.

Analysts said satellite data showing a strong pick-up in traffic in China, Europe and across the United States pointed to an improvement in fuel demand.

However, there are fears a spike in Covid-19 infections in southern US states could stall the demand recovery, especially as some of those states, such as Florida and Texas, are among the biggest gasoline consumers.

The global economic outlook has also worsened or at best stayed about the same in the past month, a majority of economists polled by Reuters said, and the recession underway is expected to be deeper than earlier predicted.- Nampa/Reuters

Soortgelyk

 

Iran: Kernkragontploffing veroorsaak beduidende skade

1 uur gelede | Internasionaal

’n Kernkragontploffing Donderdag in ’n pakhuis by die Ntanz-aanleg in sentrale Iran het beduidende skade aangerig en kan die produksie van sentrifuges vertraag wat uraan...

Egipte arresteer dokters om kritici stil te maak

1 uur gelede | Internasionaal

Ongeveer tien dokters en ses joernaliste is vanaf Februarie in Egipte in hegtenis geneem omdat hulle die regering van pres. Abdel Fattah el-Sissi kritiseer oor...

Covid-19 knou Media24

4 ure gelede | Afrika

Media24 oorweeg dit om vyf tydskrifte en twee koerante te sluit, sy oorblywende maandelikse tydskrifte uit te kontrakteer en hul frekwensie te verminder, twee koerante...

Kenia heropen grense na 4 maande

4 ure gelede | Afrika

Mnr. Uhuru Kenyatta, die president van Kenia, het Maandag die heropening van dié land se grense “in fases” aangekondig.Internasionale vlugte sal vanaf 1 Augustus...

55 nuwe Covid-19-gevalle bring totaal op 593

5 ure gelede | Gesondheid

Die minister van gesondheid en maatskaplike dienste (MoHSS) dr. Kalumbi Shangula sê 55 nuwe gevalle van Covid-19 is die afgelope 24 uur in die land...

Twee vas oor olifanttande

15 ure gelede | Misdaad

Volgens die weeklikse wildmisdaadverslag vanaf 29 Junie tot 6 Julie is twee nuwe wildmisdaadsake aanhangig gemaak en vier verdagtes in hegtenis geneem. Mnre. Alfred...

Kleintjies terug skool toe

15 ure gelede | In beeld

Leerlinge vanaf graad 0 tot 3 het gister weer vir aangesig tot aangesig onderrig teruggekeer met leerlinge en ­onderwysers wat opgewonde was om weer by...

Tuiskwarantyn aan kus ’n opsie

15 ure gelede | Gesondheid

Henriette Lamprecht – Die ministerie van gesondheid en maatskaplike dienste (MoHSS) gaan meer buigsaam wees in die kwarantyn van kontakte van bevestigde Covid-19-gevalle in die...

Psemas: ‘Tender sluit almal behalwe Methealth uit’

15 ure gelede | Gesondheid

Henriette Lamprecht - Dit wil voorkom asof die bepalings van ’n tender om die staat se mediese fonds (Psemas) te bestuur, op so ’n manier...