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This Week’s Market Buzz

•    Oil rebounded above $40 at press time after EIA data showed a drawdown in oil storage and Hurricane Sally forced offshore platforms offline.

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This Week’s Market Buzz

•    Although U.S. benchmark crude futures have rebounded from April’s negative territory, price rallies remain limited amid uncertainty over when oil consumption will return to normal; and virus cases spiking in new hot spots like Iowa and South Dakota. Demand may also take a hit in September and October as Chinese imports ease state-issued quotas for independent refiners following a crude-buying spree earlier this year. At press time, West Texas Intermediate crude for October delivery fell $1.14 to $41.62 a barrel. Brent for November settlement lost 99 cents to $44.59 a barrel.

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This Week’s Market Buzz

•    At press time, West Texas Intermediate crude for September delivery rose 49 cents, or 1.2% to finish at $42.19 a barrel on the New York Mercantile, after rising as high as $43.52 immediately after the data. The global benchmark, October Brent crude closed at $45.17 a barrel, up 74 cents, or 1.7%, on ICE Futures Europe.

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This Week’s Market Buzz

•    A new CBS/YouGov poll of Pennsylvanians shows that a slight majority of the state now opposes fracking, with 52% of voters opposed and a corresponding 48% voting in favor of fracking. That goes against the conventional wisdom that politicians can’t run on anti-fracking policies in Pennsylvania. In fact, in fracking-friendly Allegheny County, three political candidates won their primary elections this year while running on strong criticism of fracking and its related industries. Two of those candidates are sure to win the general election in their Democratic heavy districts, and one, Lissa Geiger Shulman, is running in a Republican-held district.

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This Week’s Market Buzz

•    Oil settled at its highest level since early March as indications of an economic recovery from the coronavirus pandemic helped drive a rally in commodities. Both Brent and West Texas Intermediate crude futures jumped more than 2% at press time. European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory. At the same time, European regulators are eyeing a potential approval of the first COVID-19 vaccine this year, further adding to the positive sentiment.

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