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Domestic consumer sentiment posted a surprise drop with coronavirus infections nearly erasing any emerging optimism around reopenings. Meanwhile, Indian road fuel sales fell in the first half of July as localized virus lockdowns occurred in several cites, and the Chinese city of Urumqi locked down some areas amid fears of another outbreak in the country. Both U.S. and global crude futures are on track for a weekly decline.<\/p>\n
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\u201cConsumer confidence, with its big miss today, weighed on the earlier optimism that we saw,\u201d said Phil Flynn, senior market analyst at Price Futures Group Inc. \u201cThere\u2019s a concern that, after the stimulus checks run out, there\u2019s going to be a pullback in retail sales and definitely a pullback in travel by car if people are not going to be working.\u201d<\/p>\n
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U.S. benchmark crude futures are having trouble breaking out of the tight trading range they\u2019ve been in since early June. Along with weak demand depressing prices, investors are also concerned over the OPEC+ alliance\u2019s plan to unleash crude oil back into the market next month.<\/p>\n
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The 200-day moving average for West Texas Intermediate crude around $43 a barrel \u201cis keeping a lid on prices from surging higher,\u201d said John Kilduff, partner at Again Capital LLC. \u201cIf we can get through that, then you might see some fireworks, some more aggressive buying coming in. But for now it\u2019s sort of a wait-and-see.\u201d<\/p>\n
<\/p>\n
Prices:<\/strong><\/p>\n <\/p>\n With prices treading water, there\u2019s been little to get excited about for traders. Volumes on the global Brent benchmark in July are heading for their lowest month since 2014, while those for WTI are set for their quietest month since 2015.<\/p>\n <\/p>\n \u201dThere\u2019s some trepidation on people\u2019s part between the resurgence of the virus around the world limiting people heading back to work and the anticipation of OPEC increasing production,\u201d said Sal Gilbertie, president and CIO of Teucrium Trading LLC.<\/p>\n <\/p>\n \u2013With assistance from James Thornhill, Elizabeth Low, Low De Wei and Alex Longley.<\/p>\n <\/p>\n (c) Copyright Thomson Reuters 2020.<\/em><\/p>\n gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":" Domestic consumer sentiment posted a surprise drop with coronavirus infections nearly erasing any emerging optimism around reopenings. Meanwhile, Indian road fuel sales fell in the first half of July as localized virus lockdowns occurred in several cites, and the Chinese city of Urumqi locked down some areas amid fears of another outbreak in the country. …<\/p>\n","protected":false},"author":1,"featured_media":13814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[5098,166,1520,9080,9079,9078],"class_list":["post-13813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-economic","tag-oil","tag-recovery","tag-sluggish","tag-wake","tag-weakens"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/13813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=13813"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/13813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/13814"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=13813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=13813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=13813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}