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%.
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%.
* 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.
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.
U.S. pipeline company Energy Transfer (ET) has taken the rare step of invoking force majeure - normally used in times of war or natural disaster - to prevent oil firms from walking away from a proposed expansion of the controversial Dakota Access pipeline, according to two sources familiar with the matter.
U.S. pipeline company Energy
Transfer (ET) has taken the rare step of invoking force majeure - normally used in times of war or natural disaster - to prevent oil firms from walking away from a proposed expansion of the controversial Dakota Access pipeline, according to two sources familiar with the matter.
Some 10,000 employees of Brazil's Petrobras, or 22% of its workforce, have accepted voluntary buyouts, Chief Executive Roberto Castello Branco said on Wednesday, as the state-run oil company intensifies its quest to slim down and refocus on core businesses.
* API data shows bigger U.S. crude stock drop than expected. * Official EIA data due later on Wednesday. * China's June factory activity rises to 6-month high. By Bozorgmehr Sharafedin.
WEATHERFORD, Texas, June 30, 2020 As job markets across the United States continue to struggle in the wake of the COVID-19 outbreak, the impact of the virus on oil production is threatening severe consequences for the global economy.
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