Sunday, 12 July 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Dips as U.S.-China Tensions Add to Nerves on Global Economy
Monday, 25 May 2020 08:31 WIB | ENERGY |WTIBrent

Oil edged lower as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.

Futures in New York lost 0.4% in Asian trading after falling 2% on Friday. China warned that some in the U.S. were pushing the countries toward a new Cold War, stoking concerns that deteriorating relations between the superpowers could complicate the market™s recovery from a historic demand crash. Beijing last week abandoned its decades-long practice of setting an annual target for economic growth due to uncertainty caused by the coronavirus.

However, there are signs the oil market is positioning itself for a recovery. U.S. shale drillers have cut the number of active rigs to the lowest level since 2009, trimming output further. This comes as OPEC+ slashes daily output by almost 10 million barrels in an effort to reduce a glut.

Oil has surged about 75% this month as pockets of demand return in China and India after the easing of lockdown restrictions, and as U.S. crude inventories start to decline. However, the recovery is expected to be long and uncertain, with the risk of a second wave infections possibly complicating a rebound.

The U.S. should give up its œwishful thinking of changing China, Foreign Minister Wang Yi said Sunday during his annual news briefing on the sidelines of National People™s Congress meetings in Beijing. He also warned America not to cross China™s œred line on Taiwan.

West Texas Intermediate crude for July delivery declined 12 cents to $33.13 a barrel on the New York Mercantile Exchange as of 8:24 a.m. in Singapore.

Brent for July settlement slipped 0.7% to $34.90 on the ICE Futures Europe exchange after falling 2.6% on Friday.

Source:  Bloomberg

RELATED NEWS
Oil climbs, but U.S. benchmark ends lower for the week as IEA warns of coronavirus risk...
Saturday, 11 July 2020 02:40 WIB

Oil futures climbed on Friday, buoyed by positive results tied to a COVID-19 treatment, but U.S. prices ended lower for the week as a report from the International Energy Agency cautioned that weaker ...

Oil Falls on Resurgence of Virus Cases, Oversupply...
Friday, 10 July 2020 18:47 WIB

Oil prices dropped on Friday and were headed for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery a...

Oil Stuck in Tight Trading Range Set for Weekly Drop on Virus...
Friday, 10 July 2020 09:13 WIB

Oil in New York is heading for a weekly decline as surging coronavirus cases raised fresh concerns about demand, while the market is continuing to grapple with ample supply. Futures are down 2.2...

Oil falls, with U.S. benchmark settling back under $40 as coronavirus concerns swirl...
Friday, 10 July 2020 02:42 WIB

Oil futures fell on Thursday, with U.S. benchmark prices settling back below $40 a barrel, as commodity traders contended with rising cases of coronavirus in the U.S. and some other countries that may...

Oil Steady as Coronavirus Fears Offset Gasoline Recovery Signs...
Thursday, 9 July 2020 18:21 WIB

Concerns about renewed coronavirus lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand on Thursday to keep a lid on oil prices. The market is also in a holding patte...

LATEST NEWS
Dow ends nearly 370 points higher as Nasdaq logs another record close

Stocks ended higher in thin trade Friday, getting a lift from positive news on a coronavirus treatment. The Dow Jones Industrial Average rose around 369 points, or 1.4%, to end near 26,075, according to preliminary figures, while the S&P 500...

Hong Kong Stocks End With Deep Losses (Review)

Hong Kong stocks closed sharply lower Friday, in line with an Asia-wide sell-off, with investors also spooked by fresh infections in the city that have led to the reimposition of containment measures including school closures. The Hang Seng Index...

Oil climbs, but U.S. benchmark ends lower for the week as IEA warns of coronavirus risk

Oil futures climbed on Friday, buoyed by positive results tied to a COVID-19 treatment, but U.S. prices ended lower for the week as a report from the International Energy Agency cautioned that weaker demand caused by the coronavirus pandemic will...

POPULAR NEWS
Gold futures pull back from a fresh 9-year peak, but hold above $1,800 an ounce
Friday, 10 July 2020 01:31 WIB

Gold futures ended lower on Thursday, pulling back a day after scoring another settlement at the highest since September 2011, but the haven metal...

Gold Futures Slip, Set to Take a Breather after Carving Out Fresh 9-Year Peak
Thursday, 9 July 2020 18:57 WIB

Gold futures edged back early Thursday, giving up some of its gains after the precious metal scored another settlement at the highest since...

Hong Kong Stocks Close On Strong Note
Thursday, 9 July 2020 15:25 WIB

Hong Kong stocks finished with more gains on Thursday, in line with advances across Asia following another record-breaking lead from Wall...

Gold Heads for Fifth Weekly Advance Amid Virus Sparks
Friday, 10 July 2020 16:48 WIB

Gold hovered above its key $1,800-an-ounce mark, on course for a fifth weekly advance, as investors weighed concern over a resurgence in...