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Oil futures in New York closed below $40 a barrel for the first time in a month as broader equity weakness and demand concerns weighed on prices. US crude fell nearly 4% and posted its worst week since June.
Labor Day is seen as the informal end of summer driving season.
Weaker expected fuel demand and seasonal refinery maintenance point to softer crude demand, which tends to pressure energy-linked and biofuel-related prices lower.
bloomberg.comAndres Guerra LuzSep 3, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
