Oil prices were broadly stable on Friday in early US trading, as expectations of more economic stimulus programmes balanced concerns about the recovery in fuel demand as coronavirus cases surge and major crude-producing nations ready to increase output. Brent crude futures fell 15 cents to $43.22 a barrel and the US West Texas Intermediate (WTI) crude dropped 6 cents to $40.69. Both contracts were on track to remain broadly flat over the week. Lawmakers in the United States and the European Union are set to debate the next tranches of stimulus programmes over the coming days. “While virus cases remain on the rise in providing an upside price limiter, expectations for some additional Congressionally driven stimulus appear to be offering support to equities that is spilling into the oil space,” said Jim Ritterbusch of US-based energy consultants Ritterbusch and Associates.
Published in The Express Tribune, July 18th, 2020.
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