Brent crude falls 0.5% as US refineries return to operations ahead of Opec output meeting
Tokyo — Oil prices fell for a second day on Friday, pressured by a surprise rise in US stockpiles as the coronavirus pandemic continues to erode demand for fuels.
Both major benchmarks are down about 6.5% for the week and headed for a second week of declines, as hopes dim for a steady recovery in fuel demand amid signs of a second wave of coronavirus outbreaks. “While US crude oil production continues to recover after Hurricane Laura, the numbers show that refineries further reduced run rates over the last week,” ING Economics said in a note.
In a further bearish sign, traders were starting to book tankers again to store crude oil and diesel, amid a stalled economic recovery as the Covid-19 pandemic continues unabated.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices dip as US crude stockpiles riseBrent oil benchmark dips but stays over $40/bbl
Read more »
Oil prices dip as US crude stockpiles riseBrent oil benchmark dips but stays over $40/bbl
Read more »
Oil falls on rising US stockpiles and worries about sluggish demandRising coronavirus cases in several states puts paid to forecasts of a draw of 1.4-million barrels
Read more »
Oil loses ground amid worry about a second waveBrent slips below $40 a barrel for the first time since June as Covid-19 cases rebound in several countries
Read more »
Oil stems some losses but growing Covid-19 cases worry investorsRecord supply cuts by Opec+ have helped support prices, but with grim economic figures reported almost daily, the outlook for demand is bleak
Read more »
Tullow Oil reports a $1.3bn loss amid potential cash crunchThe energy group was forced to write down $1.4bn due to collapsing demand for oil and is looking at alternative refinancing options
Read more »