Oil prices moved slightly higher on Friday supported by economic data from Europe, but gains were limited as tensions between the United States and China flared.

The dollar is trading at its lowest level (against a basket of currencies) since 2018 making dollar priced assets cheaper for foreign holders. US virus cases passed 4 million (up more than 1 million in just three weeks) with Florida and California reporting record death counts today.

Oil held mostly flat but traded down slightly for the day on a surprise build in US crude stocks. This is a potential sign that the demand recovery may be stalling.

Oil prices rallied today hitting more than four month highs on vaccine hopes and increased stimulus packages to be introduced in the EU, US and others.

Due to technical errors there will be no commentary today

Prices were pretty stable today despite the US reporting a record 77K new COVID cases yesterday. Lawmakers in the United States and the European Union are set to debate the next tranches of stimulus programs over the coming days, providing some stability for prices.

Oil prices steadied for the day but were weighed down by OPEC+ easing its record production cuts. Global inventories are tightening however, leading to big jumps in yesterday’s prices. “Nobody could really expect OPEC+ to keep the 9.7 million bpd curtailments into August,”

Oil prices rose today supported by a sharp drop in US crude inventories, but gains were capped by OPEC+’s plan to ease supply curbs. OPEC and Russia are primed to begin unwinding the record oil supply cuts that were agreed upon earlier this year as they aim to raise production without undermining the recovery of crude prices, a move that is being closely watched by oil traders.

Due to technical difficulties there will be no commentary today

The market seems to be anxious about this move coupled with the continued rise in virus cases. “That seems a quite risky option, with the safer being a one month extension … It may be time to brace for volatility once again,”