Crude treads water as market looks for next direction

摘要

Crude oil futures settled little-changed Aug. 18 as the market traded sideways a backdrop of rising COVID-19 cases and tightened supply outlooks. NYMEX September WTI settled unchanged on the day at $42.89/b, while ICE October Brent edged 9 cents higher to settle at $45.46/b. The continued spread of COVID-19 coronavirus cases in Europe weighed on global demand recovery outlooks, weighing on crude prices overnight. The number of new cases in Germany reached fourmonth highs on Aug. 17, Johns Hopkins University data showed, prompting concerns that the nascent economic recovery in Europe's largest economy could stall.