Oil Unchanged, Virus Concerns Continue to Grow – 30 July, 2020

Fear that the ongoing spread of coronavirus could have a longer impact on oil demand left prices little changed while some oil producers are preparing to raise output. The Brent crude September contract, expiring on Friday, was unchanged at $43.75 per barrel, while the October contract was up 0.1% or 4 cents to $44.13 per barrel. U.S. West Texas Intermediate crude futures dipped 1 cent to $41.23 per barrel. In the week of July 24, U.S. crude inventories dropped 10.6 million barrels to 526 million barrels though analysts’ had predicted a 357,000 rise. Concerns over reimposed lockdown restrictions kept prices steady as the U.S. death toll surpassed 150,000, with grim records of infections rising around the world.