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Oil adds 15 cents at $43.46  a barrel on weaker dollar

Syed Umarullah HussainiWeb Editor

24th Jul, 2020. 09:35 am
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Oil Prices Drops Globally Amid COVID-19 Resurgence

Despite of weaker dollar, oil prices witnessed gains on the last of the business week, adding 15 cents at $43.46  a barrel.

According to the details, Brent crude rose 15 cents, or 0.4%, to $43.46 a barrel while, U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.3%, to $41.19.

Market Analysts are of the view that “Crude prices are attempting to stabilize as expectations still remain high that Congress will be successful in delivering another pandemic relief package”

“Yesterday’s U.S. economic data showed that the economic recovery is struggling and pretty much guarantees more federal aid is coming.”

The recent tensions between US and China on the diplomatic front, also put pressure on the prices of oil since two days.

Washington while shutting down the Chinese diplomatic facility in Houston, gave the staff 72 hours to leave.

In its response, China closed the strategically important consulate of the United States in south western city of China, Chengdu.

The number of US citizens filing for unemployment benefits unexpectedly rose to 1.416 million last week for the first time in nearly four months.

Oil Gains, Asian Markets Sink

On the other hand, Asian markets sank on Friday, dragged by a worse-than-forecast US jobless claims report, also darkened by Sino-US tensions.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent

Tokyo was closed for a holiday, but Nikkei futures were trading a fraction firmer.

E-Mini futures for the S&P 500 edged up 0.27 per cent.

Dow end Thursday down 1.31 per cent,

While the S&P 500 shed 1.23 per cent and the Nasdaq 2.29 per cent.

Hong Kong – Hang Seng: DOWN 0.9 percent at 25,039.95

Shanghai – Composite: DOWN 0.9 percent at 3,292.01.

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