Wall Street is back in the oil market: Stephen Schork
The Schork Group principal Stephen Schork discusses the price of oil and what it means for the economy.
SINGAPORE - Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.
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Brent crude oil futures LCOc1 added 5 cents, or 0.1%, to $45.18 a barrel by 0055 GMT, while U.S. West Texas Intermediate crude CLc1 was down 9 cents, or 0.2%, at $42.53 a barrel.
LARGEST US REFINERY SHUTS DOWN DURING STORMS
“A jump last week in the U.S. rig count and mixed data on COVID-19 infections are having a muted negative effect on oil this week, thanks in part to the possible disruption from two separate hurricanes moving into the U.S. Gulf Coast region,” said Stephen Innes, chief global markets strategist at AxiCorp.