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MarketWatchJul 10, 2020
Futures Movers: Oil prices slide as IEA warns of coronavirus risk; Libya set to add to global crude supplies
Oil futures were headed lower on Friday as Libya fired up its energy production and as a report from the International Energy Agency cautioned that weaker demand caused by the coronavirus pandemic will linger, even if the worst of the hit to economies has subsided.

MarketWatch MarketPulseJul 10, 2020
U.S. oil futures finish higher, paring their loss for the week
U.S. oil futures climbed Friday, reducing their losses for the week even as the spread of the coronavirus pandemic continued to threaten a recovery in the economy. Crude prices got a boost for the session, in part due to the "upbeat COVID-19 vaccine and treatment news" and a softer dollar, but U.S. benchmark prices remain "anchored below the $41 level and will likely struggle for any major moves" until after next week's OPEC Joint Ministerial Monitoring Committee meeting, said Edward Moya, senior market analyst at Oanda. "The demand outlook risks warrant a discussion for OPEC to consider extending production cuts into August," he said, in a note. August West Texas Intermediate oil rose 93 cents, or about 2.4%, to settle at $40.55 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract fell by 0.2%, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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