SMM: us WTI August crude oil futures closed down 33 U.S. dollars, or 0.81 percent, at 40.32 U.S. dollars per barrel on Friday. Oil prices fell on Friday as a rise in the number of new cases raised fears that growth in fuel demand could stall, although oil prices remained higher on a weekly basis, boosted by reduced supply and broader signs of economic recovery.
Meanwhile, ICE Brent September crude oil futures closed down 36 cents, or 0.84 percent, at $42.78 a barrel.
The United States reported more than 55000 new cases on Thursday, setting a global record for a one-day increase. The surge in new cases suggests that record US job growth in June could be hampered.
If this trend continues, US oil demand will be at risk, says Rystad Energy's Louise Dickson.
Both US and cloth oil rose more than 2 per cent on Thursday, boosted by strong US jobs data in June and a decline in US crude oil inventories. Cloth oil recorded a weekly increase of 5%.
Signs of economic recovery and a decline in supply after record production cuts in OPEC+, made up of (OPEC) and its allies, have helped cloth oil more than double from a 21-year low of less than $16 hit in April. With the relaxation of domestic epidemic control measures and stronger demand, the service sector PMI has risen to a more than 10-year high, according to the latest data from Caixin China PMI. The news boosted hopes for recovery. Gasoline demand will be closely watched as many Americans are expected to drive as the United States enters the long National Day weekend on July 4.
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