US markets were closed on Friday to mark July 4 holiday celebrations. Amid rising numbers of coronavirus cases in 39 US states, a Reuters tally showed that in the first four days of July alone, 15 states reported record increases in new Covid-19 infections with parties over the holiday weekend possibly leading to another spike. “Rising case numbers in some US states are still looming over energy demand prospects,” ANZ analysts said in a note. Opec and allies including Russia, collectively known as Opec+, have pledged to slash production by a record 9.7 million barrels per day (bpd) for a third month in July. The number of operating US oil and natural gas rigs fell to an all-time low for a ninth week, although the reductions have slowed as higher oil prices prompt some producers to start drilling again.

Source: Dhaka Tribune July 06, 2020 01:18 UTC