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Yahoo BusinessAug 09, 2020
Oil Climbs With Saudi Aramco Seeing Demand Recovery Continuing
(Bloomberg) -- Oil snapped a two-day losing streak as Saudi Aramco predicted demand will continue to improve through the rest of the year, despite many regions across the world struggling to bring the coronavirus under control.Crude consumption in Asia is almost back to pre-virus levels, Aramco Chief Executive Officer Amin Nasser said Sunday after the world's top exporter reported a slump in second-quarter profit. Meanwhile, oil drilling in the U.S. fell to a 15-year low as explorers abandoned growth plans and as billions of barrels from old discoveries became worthless.Oil is showing some signs of potentially breaking higher after being stuck near $40 a barrel since early June as rising virus infections raised doubts about a sustained recovery. However, OPEC is set to test the appetite for demand, returning some supply to the market from this month following historic production cuts.See also: Saudi Arabia Turns Off the U.S. Oil Taps Again: Julian LeeOil demand is around 90 million barrels a day, Aramco's Nasser said, compared with pre-pandemic levels of roughly 100 million barrels a day. The state-controlled company reported a 73% slump in second-quarter net income after crude prices collapsed following a crash in consumption.In the U.S., the number of active drill rigs fell by four to 176, the lowest since July 2005, according to Baker Hughes Co. data released Friday. Companies have been parking rigs on an almost uninterrupted streak for more than four and a half months.For more articles like this, ple

Yahoo BusinessAug 09, 2020
'A Long Way To Go': Stock Market Update For The Week Ahead
The Past Week, In A Nutshell What Happened: Stocks closed the week higher after investors regained optimism regarding a sustained recovery.Remember This: "Earnings season has been very impressive so far, now you can couple that with the employment backdrop quickly improving as well. Not a bad combo for investors," said Ryan Detrick, chief investment strategist at the LPL Financial."Still, let's be realistic, 10% unemployment isn't anything to get overly excited about and we still have a long way to go to get back to February levels of output."Pictured: Profile chart of the S&P 500 E-mini FuturesTechnical: Broad-market equity indices resolved a prior balance area to the upside, evidenced by a successful breakout and migration of value.Recapping last week's action: On Monday, as M&A activity lifted sentiment and efforts to hammer out a coronavirus relief bill resumed, the S&P 500 moved out of a multi-week balance area, finishing further into the low-volume area left from the late February sell-off. Overnight, prices caught up to Monday's divergent delta after disappointing earnings reports from Europe and a sharp rebuke from China. Tuesday's U.S. session managed to get past the uninspiring news, closing higher and validating the breakout from balance.Indices continued their trek higher Wednesday, closing and establishing value above prior balance on upbeat economic data and positive earnings. Pre-U.S. open, on Thursday, the S&P filled a prior gap, finding liquidity at the $3,300 strike before climbing higher, on p
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