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Oil prices reference marks are moved to lower after rising earlier in the trading and may suffer weekly losses. Record growth in the number of new infections coronavirus infection COVID-19 in the United States and the increase of cases in other countries indicate a long-term obstacle to the recovery in oil demand, says MarketWatch.
“The recovery in oil demand this week was dealt a blow after in the United States were recorded the most significant leap in the number of infections with coronavirus, suggesting that many States will again have to enter a lockdown mode,” writes a senior market analyst at Oanda Edward Moya.
In the United States for a day revealed more than 34 thousand new cases of infection with coronavirus, according to the calculations of the CNBC channel, which analyzed information from Johns Hopkins University. The high number of infections is still registered in States such as California, Florida and Texas. In Texas and Florida authorities have suspended the lifting of the measures because of the growth in the number of new cases COVID-19, as long as the number of infections will not begin to decline steadily.
At the same time, investor optimism encourages, in particular, the news Agency Reuters, which refers to the satellite data, the steady growth of traffic on the roads in China, Europe and the United States.
In addition, according to the graphics port shipments, which read “Interfax”, the shipment of oil from European ports of Russia in July, expected to fall by 33% compared to June, while shipments of Russian oil will decline by 42%. As the traders, the strong reduction in the planned oil exports from the European ports of Russia in July compared to June will trigger a battle for each cargo and will lead to further growth of premium prices for Urals to Brent.
The cost of the August futures for Brent crude on the London ICE Futures exchange to 18:00 GMT on Friday is $40,59 per barrel, or $0,46 (1,12%) below the price of closing of previous session. The WTI crude for August to trading on the new York Mercantile exchange (NYMEX) by this time has fallen in price on $0,73 (1,89%) to $37,99 per barrel.