Oil Holds Losses on Demand Concerns

The first increase in jobless claims since March comes as lawmakers negotiate another virus relief package, with infections and deaths surging across many states. Meanwhile, Beijing ordered the U.S. to close its consulate in the city of Chengdu after the American government forced China to leave its mission in Houston. Oil was still poised to eke out a second weekly gain, buoyed earlier in the week by stimulus measures agreed by European Union leaders.

Oil’s recovery from its plunge below zero has stalled, with futures stuck in a tight range since the end of June as rising infections across major economies raised doubts about a swift demand rebound. U.S. crude stockpiles are climbing and Chinese consumption is cooling, adding to the bearish headwinds.

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Industry Headlines

(Bloomberg) -- Oil edged higher with a weaker dollar overshadowing signs of a slowing global economic recovery.

2020/7/24

Oil Holds Losses on Demand Concerns

(Bloomberg) -- Oil held losses near $41 a barrel in New York as signs of weakness in the American labor market cast doubt on the strength of its demand recovery, while U.S.-China relations deteriorated further.

1399/5/6

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