⁍ Oil prices were steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions.
⁍ Prices were also capped by data showing the number of Americans filing new claims for unemployment benefits unexpectedly increased.
– Oil prices held steady at $41.94 a barrel today as Britain, Germany, and France imposed new restrictions to stem the spread of a new wave of coronavirus cases in Europe, Reuters reports. Britain, Germany, and France imposed new restrictions to stem the coronavirus spread—all factors affecting fuel demand. Prices were also capped by data showing the number of Americans filing new claims for unemployment benefits unexpectedly increased last week, supporting views the economic recovery from the COVID-19 pandemic was running out of steam amid diminishing government funding. “Oil prices are holding up pretty well despite the lack of additional US government stimulus,” an analyst at Price Futures Group in Chicago said, noting the market received support from this week’s US oil inventory data and a rise in the stock market.
Source: https://www.reuters.com/article/global-oil-int/crude-steady-as-rising-european-covid-19-cases-offset-us-oil-stock-draw-idUSKCN26F083