Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.
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Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.
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Oil prices rose to over one-month highs on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world’s biggest oil user, though rising coronavirus cases in Asia capped gains.
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Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude.
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British wholesale gas prices rose on Friday, supported by cold weather and low renewables output next week and strong markets for fuels and emissions. ›
Oil prices extended gains on Friday and were on course for a weekly gain of about 7% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections.
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Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic.
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British wholesale gas prices were mixed on Wednesday morning with low wind power forecasts lifting the within-day contract and expectations of strong supplies of liquefied natural gas (LNG) sending the day-ahead contract lower.
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Crude oil climbed on Wednesday after industry data showed U.S. inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies.
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British wholesale gas prices dropped by almost 3% on Tuesday morning on high imports, though losses were kept in check by strong demand because of unseasonally cold weather.
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