Prices may rise further as lockdown measures are lifted, analyst says
An oil refinery worker is seen cycling past storage tanks. Picture: REUTERS / DARREN WHITESIDE
“Oil prices may show further upside momentum as the easing in mobility restrictions grows,” said Stephen Innes, chief global market strategist at AxiCorp in a note, referring to curbs that were designed to counter the coronavirus. “Given particularly that surprise draw that we saw on inventories last week in the US, it seems unlikely that those concerns about storage facilities will reassert themselves,” Michael McCarthy, chief market strategist at CMC Markets in Sydney said.
“Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year,” Powell said on Sunday night in broadcast remarks.
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.
Illegal cigarette sellers cash in as desperate people are prepared to pay exorbitant pricesIt took the City Press team less than 10 minutes to find cigarettes, despite the banning of cigarette and alcohol sales under the stringent national lockdown restrictions.
Read more »
Meat prices could soar on African swine fever outbreak in Eastern CapeShortage of pork meat is expected as disease is difficult to control
Read more »
GAVIN RICH: Attitude to WP’s attempts to retain Pieter-Steph du Toit is bafflingLosing primary assets significantly weakens SA rugby’s chances of recovery when pandemic is over
Read more »
SA's Covid-19 cases increase to 15 515 with 7006 recoveriesThe number of confirmed Covid-19 cases in South Africa has increased to 15 515 with 1 160 new cases identified within the last 24 hours.
Read more »
Western Cape death tally rises to 156 – total cases now 9,246 with 3,521 recoveriesThe premier says the Western Cape's death rate stands at 1,68% of the total caseload, which is in line with international norms.
Read more »
High number of recoveries in Gauteng, with just 54 people in hospitalGauteng has 1,616 patient recoveries from Covid-19, with 54 people currently hospitalised in various private and state health facilities, health MEC Bandile Masuku said on Sunday.
Read more »