Oil prices ease on dim economic outlook despite signs of firmer demand
By Jane Chung SEOUL (Reuters) - Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.

By Jane Chung
SEOUL (Reuters) - Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.
Brent crude futures for July delivery
U.S. West Texas Intermediate (WTI) crude futures for July
Oil prices have risen in the past three weeks, with both benchmarks climbing to above $30 for the first time in more than a month on Monday, supported by massive output cuts by major oil producers and signs of improving demand.
However, a bleak economic outlook from the U.S. Federal Reserve put downward pressure on oil prices.
U.S. Federal Reserve Chair Jerome Powell said on Tuesday layoffs by state and local governments will slow the U.S. economic recovery, while Boston Federal Reserve Bank President Eric Rosengren said the U.S. unemployment rate is likely to stay at double-digit levels by year-end.
"Crude oil prices gave up earlier gains amid concerns about the long-lasting economic damage the coronavirus has caused," ANZ Research said in a note.
U.S. crude inventories fell by 4.8 million barrels to 521.3 million barrels in the week to May 15, data from industry group the American Petroleum Institute (API) showed on Tuesday.
Official data from the Energy Information Administration (EIA) is due at 10:30 a.m. (1430 GMT) on Wednesday. [API/S]
Reflecting a slow return of demand, Asia's gasoline profit margins
(Reporting By Jane Chung; editing by Richard Pullin)
This story has not been edited by Firstpost staff and is generated by auto-feed.
also read

France, Germany to agree to NATO role against Islamic State - sources | Reuters
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class | Reuters
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.