Oil prices dip on worries over U.S. recovery and stimulus talks

07.08.2020 - Evdokimov Roman
Oil prices dip on worries over U.S. recovery and stimulus talks

Oil prices dipped earlier on Friday, continuing losses from the previous session as the COVID-19 situation worsened, stalling U.S. talks for a much-anticipated stimulus deal.

U.S. West Texas Intermediate (WTI) crude futures fell by 2 cents, trading at $41.93 per barrel by 10:46 PM ET (0246 GMT), while Brent crude futures dipped by 0.1%, last trading at $45.03 per barrel, losing gains made from an earlier session.

However, WTI and Brent are on track for weekly gains of at least 4%, making it the highest for the benchmark contracts since mid-July.

A resurgence of COVID-19 cases factored into the losses as worries that the pandemic could put a dent on oil demand mounted.

Investors have also watched the lack of progress between the White House and Democrats over the next stimulus package, with Democrats saying President Donald Trump may have to issue executive orders if he does not want to negotiate further.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?