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Oil Holds Advance After U.S. Housing Data Eases Virus Concerns


Tuesday, 30 June 2020 07:41 WIB

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Oil edged lower in Asia after jumping the most in almost two weeks on Monday as better-than-expected U.S. housing data countered fears that a surge in virus cases would hamper the country’s economic recovery.

Futures in New York traded near $39 a barrel after rising 3.1% on Monday as a record increase in pending home sales spurred gains across financial markets. Yet with the coronavirus running rampant across the southern and western U.S. and many states pausing or reversing re-opening measures, the outlook for energy demand in the world’s largest economy remains uncertain.

West Texas Intermediate has risen around 11% this month, while Brent is up 18%. However, gains in both the U.S. and global benchmarks have slowed in June following spectacular rebounds in May.

While supply cuts from OPEC+ and other nations are helping to rebalance the market, global consumption still has a long way to go to get back to pre-virus levels. Gasoline demand in the U.S. fell 2.3% on Saturday from a week earlier, according to data from GasBuddy, showing how the resurgence in virus cases is restraining activity.

West Texas Intermediate for August delivery fell 0.8% to $39.40 a barrel on the New York Mercantile Exchange as of 8:18 a.m. in Singapore. Brent for the same month, which expires Tuesday, rose 1.7% to $41.71. The more active September contract dropped 24 cents to $41.61.

Source : Bloomberg


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