Oil was anchored near $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections.
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
Oil edged lower toward $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended.
Oil in London was anchored near $43 a barrel as investors weighed tightening crude supplies and robust U.S. economic data against surging coronavirus infections.
Investors in oil giant Shell sent the FTSE 100 tumbling on Tuesday as London's top index lagged far behind many of its global counterparts.
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Another relaxation of lockdown rules in some parts of the UK delivered a boost to the FTSE 100 today.
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil was poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns, despite many countries still struggling to bring the coronavirus under control.
Top London stocks shrugged off weak UK inflation and a fresh outbreak of Covid-19 in China to notch up a slight gain today.
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.
Markets enjoyed a “Trump bounce” today amid talk of a trillion dollar (£780 billion) infrastructure package in the US.
Oil resumed declines as fears a second coronavirus wave could threaten a recovery in demand outweighed further output cuts from major producers and more Federal Reserve support for the U.S. economy.
Oil kept falling after its first weekly drop since late April as a fresh coronavirus outbreak in China and increases in cases elsewhere added to concern a second wave of infections will threaten a nascent economic recovery.
The FTSE 100 eked out a 0.5% gain in the final session of the week after four consecutive days of losses.
Financial markets on both sides of the Atlantic started the week in forward gear despite a weekend of violent protests in the world’s largest economy.
The FTSE-100 ended a topsy-turvy week with a final session fall of 21.97 points, or about 0.5%, to 5,993.28.
Oil is heading for a third weekly gain on signs the market is slowly rebalancing as major producers cut supply and consumption recovers after a historic collapse in demand due to the coronavirus.
The UK’s top 100 listed firms lost nearly 3% of their value today as Covid-19 continued to blow a huge hole in the global economy.
WTI was anchored near $25 a barrel as investors weighed cuts to supply by major producers such as Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.
The FTSE 100 Index edged up towards the 6,000 mark today as traders took heart from UK Government efforts to gradually get the economy back on track.
Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.
Oil edged lower after posting its first back-to-back weekly gain since February as investors weighed nascent signs of a recovery in demand against a huge global glut and the risk of a resurgence in virus cases.
Brent crude oil was down about 6.5% at $28.96 per barrel at the London market close despite spending much of today on the advance.