FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014. Pump jacks are used to pump crude oil out of the ground after an oil well has been drilled. REUTERS/Todd Korol/File Photo
The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closure of embassies in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million. Oil demand has also improved from the deep trough seen in second quarter, supporting prices, although the recovery path is uneven as resumption of lockdowns in the United States and other parts of the world is capping consumption.
The rebound in oil prices has also encouraged the world’s top producers to increase output and exports again.
The cold War with China will keep getting worse
Yet China is buying more oil than ever from Saudi.
Not in CA 😭
Almost flat here... 🙄
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