Oil falls 3%, posts weekly drop on demand concerns
By Stephanie Kelly NEW YORK (Reuters) - Oil prices fell more than 3% on Friday and posted their biggest weekly decline since June as fears of a slow economic recovery from the COVID-19 pandemic compounded worries about weak oil demand. Brent crude , the international benchmark, fell $1.41, or 3.2%, to settle at $42.66 a barrel
By Stephanie Kelly
NEW YORK (Reuters) - Oil prices fell more than 3% on Friday and posted their biggest weekly decline since June as fears of a slow economic recovery from the COVID-19 pandemic compounded worries about weak oil demand.
Brent fell 5.3% from last week, while WTI lost 7.4%.
Prices were pressured by extended declines in the U.S. equities market and by a report showing U.S. job growth slowed further in August as financial assistance from the government ran out.
Nonfarm payrolls increased by 1.37 million jobs last month, though employment remained 11.5 million below its pre-pandemic level and the jobless rate was 4.9 percentage points higher than in February.
The unemployment rate fell to 8.4% last month, compared with a forecast 9.8%, which some market analysts said would lessen urgency in Washington, D.C. to pass additional economic stimulus legislation.
"The hopes for more stimulus are going out the window," said John Kilduff, partner at Again Capital in New York. "We need to see economic activity back up to get demand flowing."
A U.S. government report this week showed domestic gasoline demand has fallen again, while middle distillate inventories at Asia's Singapore oil hub have surpassed a nine-year high, official data showed.[EIA/S].
"The bigger market picture is overall bearish sentiment that kicked off with lower gasoline demand reports on Wednesday," said Paola Rodriguez-Masiu, analyst at Rystad Energy.
Global oil demand could fall by 9-10 million barrels per day (bpd) this year due to the pandemic, Russian Energy Minister Alexander Novak said.
A record supply cut since May by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, has supported prices.
OPEC began in August to ease the scale of the cuts, raising output by almost 1 million bpd, according to a Reuters survey. [OPEC/O]
In the United States, the oil and gas rig count, an early indicator of future production, rose two to 256 in the week to Sep. 4, energy services firm Baker Hughes Co
(Reporting by Stephanie Kelly; additional reporting by Alex Lawler, Florence Tan and Koustav Samanta; Editing by Marguerita Choy and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.
ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.
By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied