Oil prices edged lower on Friday, set to post their first weekly fall in five weeks, after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets.
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Oil prices plunged on Thursday after U.S. industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries begin to ease their way out of coronavirus lockdowns.
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European wholesale spot power prices for day-ahead delivery tumbled on Wednesday on the back of a forecast rise in renewables power generation while electricity demand is expected to fall. ›
Oil prices fell on Wednesday as concerns over how quickly fuel demand will recover tempered an easing of lockdowns to halt the spread of coronavirus, while U.S.-China tensions added to negative sentiment. ›
Oil prices rose on Tuesday, supported by growing confidence in the market that producers will come good on commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns eased around the world.
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Oil prices fell on Friday after China failed to set an economic growth target for 2020, sparking concerns that the fallout from the coronavirus pandemic will cap fuel demand in the world’s second-largest oil user.
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British wholesale gas prices slumped on Thursday morning due to expectations of a drop in gas-for-power demand.
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Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic.
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European baseload spot power prices for Friday delivery, the next trading day after a bank holiday, tumbled on Wednesday on a forecast fall in demand and a sharp rise in German wind power generation.
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Oil prices held steady on Wednesday despite signs of improving demand and a drawdown in U.S. crude inventories, as worries over the economic fallout from the coronavirus pandemic capped gains.
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