16.9 C
London
Saturday, May 28, 2022
HomeBusinessOil Up, but Set For Biggest Weekly Loss as COVID-19 Concerns Persist...

Oil Up, but Set For Biggest Weekly Loss as COVID-19 Concerns Persist By Investing.com

Date:

Related stories

Apple union push faces setback; Atlanta organizers withdraw vote bid

Shoppers walk past an Apple Store at Franklin...

India Cements to monetise land parcels for repaying debt, capex

Chennai-based cement manufacturer India Cements on Friday announced...

Top Tips to Advance Your Nursing Career as Far as Possible

Many people who are working in the nursing profession,...

How To Prepare For A Vacation

The summer months are just around the corner, and...

Ideas to Make Your Place Shine Bright and Look Elegant

A dark and gloomy house does not look attractive....
spot_imgspot_img


© Reuters.

By Gina Lee

Investing.com – Oil was up Friday morning in Asia but since late October 2020. Concerns as countries implement restrictive measures to curb their latest COVID-19 outbreaks continue to cloud the fuel demand outlook. However, the ongoing tensions in the Middle East between Iran and Israel helped cap the black liquid’s losses.

edged up 0.13% to $71.38 by 1:07 PM ET (5:07 AM GMT) and edged up 0.12% to $69.17.

“The price action we see now is really a function of the macro picture… the Delta variant is now really starting to hit home and you see risk aversion in many markets, not just oil,” OCBC bank economist Howie Lee told Reuters.

Japan extended its state of emergency earlier in the week to more prefectures outside Tokyo, while China, the world’s top oil importer, imposed restrictive measures as it deals with its latest outbreak.

“At least 46 cities have advised against traveling, and authorities have suspended flights and stopped public transport. This could impact oil demand as it comes towards the end of the summer travel season,” ANZ said in a report.

CMC Markets analyst Kelvin Wong also said that oil’s upside has been capped by improving crude supplies in the U.S., while the lead-up to the latest U.S. jobs report, including , due later in the day, caused investors to be cautious.

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.





Source link

Latest stories