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Crude Futures Gain, On Track For Weekly Loss

OIL

Oil has eked out a small gain, but is off best levels seen shortly after the Asia-Pac open. WTI last up $0.35 from settlement levels at $61.79/bbl, Brent is up $0.27 at $65.67. Despite the small bounce today and yesterday crude is still on track for a weekly decline. A resurgence in virus cases and mixed signals over demand. Yesterday there were reports that Libya's Sirte Oil could have to cut up to 100k bpd of output this week due to its financial situation. Elsewhere there were Reuters reports that OPEC Secretary-General Barkindo told members of the cooperative they could be fined and have assets seized if the US. adopts legislation that authorizes antitrust enforcement against countries in the bloc.

Energy BulletsCommodities
Energy BulletsCommodities

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