Oil Inches Up After Flat Week By Investing.com

© Reuters.

By Adam Claringbull

Investing.com – Oil was up on Friday morning in Asia, but still remains down on the month.

were up 0.41% to $42.11 by 11:59 AM ET (3:59 AM GMT) and rose 0.47% to $40.50.

Both benchmarks are above the $40-mark again, buoyed by a fall in , gasoline, and distillate inventories reported by the U.S. Energy Information Administration on Thursday. However, any meaningful rise was halted by the resurgent COVID-19 pandemic, especially in Europe, and Libya’s oil industry beginning its return to the market.

In the U.S., uncertainty over the fate of a COVID-19 stimulus bill played its part in dampening investors’ enthusiasm, as did President Donald Trump’s refusal to commit to a peaceful transition of power should he lose the upcoming election. An unexpected rise in U.S. unemployment claims were also a factor in keeping expectations low.

Another headwind for oil prices comes with Libyan refineries starting to ship oil from refineries that had been blockaded for several months.

“The prospect of the return of Libyan barrels to the market is adding to the bearish sentiment,” RBC Capital Markets said in a note. “However, we think the return of the barrels will be slow and subject to reversal based on the volatile security and political picture.”

The rise of COVID-19 cases in Europe is giving cause for concern, with several major economies introducing stiffer measures to constrain the spread of the virus. However, in Germany, the E.U.’s powerhouse, the rose to 93.4 in September as businesses take a more positive stance on their future prospects. Although up from August’s 92.5 figure, the reading was lower that the 93.8 in forecasts prepared by Investing,com.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by : Investing.com

Source link

Capital Media

Read Previous

Andrew Forrest’s high-tech plan to extinguish bushfires within an hour is as challenging as it sounds

Read Next

L’Afrique du Sud s’inspire du Royaume-Uni pour les indemnisations suite aux interruptions d’activité