Abstract: US WTI August crude oil futures electronic disk prices closed at $0.33 on Friday (July 3), down 0.81%, to $40.32 per barrel.
The new crown epidemic has led to a "cooling down" of crude oil demand! International oil prices have fallen, and this does not necessarily indicate a change in direction!The new crown epidemic has led to a "cooling down" of crude oil demand! International oil prices have fallen, and this does not necessarily indicate a change in direction!
The US WTI August crude oil futures electronic market price closed at $0.33 on Friday (July 3), a decrease of 0.81%, to $40.32 per barrel. Oil prices fell on Friday as rising numbers of new cases triggered concerns that fuel demand growth might stagnate, but oil prices continued to rise on a weekly basis, boosted by reduced supplies and broader signs of economic recovery.
At the same time, the price of ICE Brent's September crude oil futures electronic market closed down 0.36 US dollars, a decrease of 0.84%, to 42.78 US dollars / barrel.
The United States reported more than 55,000 new cases on Thursday, setting a new record for global single-day growth. The surge in new cases suggests that the record US job growth in June may be blocked.
Louise Dickson of Rystad Energy said that if this trend continues, US oil demand will be at risk.
Boosted by strong US employment data in June and falling U.S. crude oil inventories, both U.S. Oil and Cloth Oil rose more than 2% on Thursday. Cloth oil recorded a 5% weekly increase.
Signs of economic recovery, and the decline in supply after OPEC+ and its allies formed a record reduction in production, helped cloth oil more than double from its 21-year low of less than $16 hit in April.
According to the latest data from Caixin China PMI, with the relaxation of domestic epidemic control measures and the strengthening of demand, the service industry PMI rose to a high of more than 10 years. The news boosted the hope of recovery.
Gasoline demand will be closely watched as the United States enters the National Day holiday on July 4th and many Americans are expected to drive.