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Brent Crude down with 8 cents, trading at $43.26 per barrel

Syed Umarullah HussainiWeb Editor

27th Jul, 2020. 09:40 am
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Oil Prices Drops Globally Amid COVID-19 Resurgence

After the concerns over recovery in oil demand resurfaced amid a spike in COVID-19 cases worldwide, crude futures marked low during morning trade.

According to the reports, Brent crude futures down 8 cents/b (0.18%) to $43.26 per barrel.

Fresh date provided by John Hopkins University showed that global COVID-19 case counts have continued to rise steadily and now stands at 16.2 million, with total deaths nearing 650,000, with the US and Brazil accounting for 41% of total confirmed cases.

In addition to this, oil experts are of the view that Crude has been overdue for a correction because the concerns over oil demand revival globally is quite real.

Furthermore, major economies such as Australia and Japan, that previously succeeded in stopping the spread of infection rates are once again battling to contain a fresh wave of infections. The global crude complex continues to be supported by the weakening US dollar.

Asian Markets

MSCI’s ex-Japan Asia-Pacific index rose 1.3% as Taiwan’s TSMC, Asia’s third-largest company by market capitalisation, rose almost 10%.

Chinese shares witnessed gain after big falls late last week, with CSI300 index rising 0.5%.

S&P500 futures were last up 0.4% in choppy trade

While Japan’s Nikkei fell 0.5%, resuming trade after a long weekend and catching up with falls in global shares late last week.

Gold rose 1.0% to a record high of $1,920.9 per ounce , surpassing a peak touched in September 2011, as Sino-U.S. tensions boosted.

The dollar index dropped 0.3% to its lowest level in nearly two years.

The euro gained 0.3% to $1.1693, hitting a 22-month high of $1.16590

Against the yen, the dollar slipped 0.5% to 105.605 yen , a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

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