Copper prices fell Friday, signaling a pause in the industrial metal's surge, on mounting concerns that the rally may have been overdone. Copper futures for October delivery slipped about 1% to $6,030 a metric ton on the London Metal Exchange. The drop comes as investors struggle to reconcile signs of a global economic recovery with the surge in coronavirus infections in the U.S., which could deal a setback to manufacturers.
Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic.
Oil prices rose Thursday after employment data showed the U.S. economy gained more jobs than expected last month. U.S. crude futures for August delivery added 2.1% to $40.65 a barrel on the New York Mercantile Exchange, closing at their highest level since March 6.. Prices edged higher after Labor Department data showed the U.S. added 4.8 million jobs in June, bringing the unemployment rate down to 11.1%.
Oil prices rose Thursday after employment data showed the U.S. economy gained more jobs than expected last month. U.S. crude futures for August delivery added 2.1% to $40.65 a barrel on the New York Mercantile Exchange, putting them on target for their highest closing price since March 6.. Prices edged higher after Labor Department data showed the U.S. added 4.8 million jobs in June, bringing the unemployment rate down to 11.1%.
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again.
Oil prices rose Thursday after employment data showed the U.S. economy gained more jobs than expected last month. U.S. crude futures for August delivery added 1.7% to $40.45 a barrel on the New York Mercantile Exchange, putting them on target for their highest closing price since March 6.. Prices edged higher after Labor Department data showed the U.S. added 4.8 million jobs in June, bringing the unemployment rate down to 11.1%.
Intercontinental Exchange Inc (ICE): * Intercontinental Exchange Inc (ICE) - REACHED OPEN INTEREST IN TOTAL ENERGY FUTURES OF 32.5 MILLION CONTRACTS ON JUNE 25, 2020. * Intercontinental Exchange Inc (ICE) - JUNE TOTAL NATURAL GAS FUTURES HIT OPEN INTEREST RECORD OF 18.9 MILLION CONTRACTS.
* 1.4 million bpd European capacity rationalisation threat-WoodMac. * Asia, Middle East global leaders in future capacity growth. By Ahmad Ghaddar and Laura Sanicola. The collapse in oil demand from the COVID-19 pandemic is hastening the reckoning for those refiners already struggling as new capacity overtakes demand, posing an existential threat to many, particularly Europe's ageing plants.
Global food prices rose in June for the first time this year, the United Nations' Food and Agriculture Organization said Thursday, suggesting that the sharp declines experienced by food commodities as the coronavirus has hit demand could be easing. The UN FAO's monthly food price index, which tracks a basket of the most common foodstuffs such as grains, vegetable oils and meat, rose 2.4% in June to 93.2. The rise halts four consecutive months of declining food prices, as measured by...
OPEC cut oil exports in June by 1.84 million barrels per day from May levels as it works to implement an output reduction agreement with Russia and other allies, according to estimates from Kpler, which tracks oil shipments. OPEC's crude exports averaged 17.2 million bpd last month, Kpler said in an emailed report.
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