Oil clung to losses with signs of a shaky U.S. economic rebound and rising global coronavirus cases weighing on the prospect for a demand recovery.
Oil accelerated losses with workers in the U.S. Gulf heading back following Hurricane Delta’s landfall and Libya taking a major step toward reopening its biggest field.
Oil jumped the most since May in New York as President Donald Trump’s prognosis seemed to improve and stirred optimism over the possibility of an economic relief deal in Washington.
Oil held its decline near $39 a barrel in New York, heading for the first monthly loss since April, as the world’s biggest trading houses signaled a meaningful recovery in demand is some way off.
Oil recovered some of its losses with a rally in equities providing support to prices even as industry data pointed to a surprise increase in American crude stockpiles.
Oil moved back above $40 a barrel in London, as broader markets rebounded from Tuesday’s selloff.
Oil rose as production was disrupted by two storms approaching the U.S. Gulf Coast.
Abu Dhabi is taking steps to cement its position as a reliable supplier through the launch of the Murban Futures contract.
U.S. stock futures plunged, triggering a trading curb, as the U.K.’s decision to leave the European Union fanned speculation that a divided Europe would put another brake on already fragile global growth.
Oil was swept along by volatility in Chinese markets, rallying from a 12-year low as the country sought to quell losses in its equities and stabilize its currency. Futures rose as much as 3.2 percent in New York after China suspended a controversial equity circuit breaker system and its central bank set the yuan’s reference rate little changed after an eight-day stretch of weaker fixings. Crude slid Thursday to the lowest since December 2003 as market turbulence reverberated across the globe amid concern over economic growth in the world’s biggest energy consumer.
Natural gas bulls are herding together. Eight of 12 analysts surveyed by Bloomberg said they’re bullish about prices heading into next week. Contracts have rebounded 2.7 percent on the New York Mercantile Exchange since reaching a three-year low on Oct. 1. Futures may have fallen about 20 cents in the last month, weighed down by a glut of domestic shale supplies and forecasts for a mild winter that could curb demand for the heating fuel. But traders and analysts say that’s old news.