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Oil slid to $43.66 a barrel, Asian markets failed to gain despite vaccine hopes


Syed Umarullah HussainiWeb Editor

16th July, 2020
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Oil

As Opec and Russia agreed to ease record supply curbs from August, Oil prices in the international market slid at $43.66 a barrel on Thursday.

According to the details, Brent crude LCOc1 fell 13 cents, or 0.3%, at $43.66 a barrel, whereas US West Texas Intermediate (WTI) crude CLc1 dropped 18 cents, or 0.4%, to $41.02 a barrel.

They rose 2% the previous day, helped by the US crude inventories drop.

In the meeting of Opec+ on Wednesday, the partners agreed to scale back oil production cuts from August as the global economy slowly recovers from the novel coronavirus pandemic.

US crude inventories fell 7.5 million barrels last week, shrinking much more than the 2.1 million-barrel drop.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said production cuts in August and September would end up amounting to about 8.1 million-8.3 million BPD,

Asian Markets 

Amid the US-China tensions, Asian shares and US stock futures fell on the fourth day of the business week.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid by 0.83 percent

Tokyo’s Nikkei fell 0.49 percent. US S&P 500 e-mini stock futures declined by 0.33 percent.

Shares in China fell 1.06 percent and Australian stocks shed 0.22 percent.

Shares in Hong Kong and Seoul also fell.

Trump administration also expected to take action to address security risks posed by TikTok and WeChat.

This move will be the latest economic tension in a dispute between Washington and Beijing that has unsettled investors.

Investors also worried about jumps in coronavirus cases in the United States, Australia, and Japan.

On Wall Street the S&P 500 gained 0.91 percent, boosted by hopes for a vaccine but those gains failed to lift Asian stocks.

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