Asian shares and U.S. stock futures teetered in choppy trade on Friday as lingering concerns about an fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. Oil futures rose in Asia on hopes that output cuts will put a floor under prices. On the whole, markets have been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover for the pandemic....
(Bloomberg) -- The cluster of oil tankers off China’s coast is growing and the vessels are waiting longer to offload their cargoes amid a lack of onshore storage space after a buying spree earlier this year.The number of oil-laden tankers parked in Chinese waters has swelled since the start of the month with almost 200 ships expected over the course of June, according to vessel-tracking information compiled by Bloomberg and data intelligence firm Kpler. Crude imports surged to a record in May as demand rebounded after the easing of lockdown restrictions.The congestion illustrates the explosion in purchases by Chinese refiners as the country re-opened after shutting down to contain the coronavirus. The rush for cheap crude is overwhelming port infrastructure and storage amid an influx of cargoes from the Middle East, Latin America, Russia and West Africa.China’s oil demand rebounded rapidly from the demand destruction wrought by the outbreak, but there...
(Bloomberg) -- Oil was poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns, despite many countries still struggling to bring the coronavirus under control.Futures in New York edged above $39 a barrel Friday and are up around 8% this week. Top trading houses Vitol SA and Trafigura Group said global oil demand is recovering rapidly from its nadir in April, with Trafigura estimating it’s at 90% of pre-virus levels. Gasoline futures in the U.S. moved into backwardation for the first time in three months on Thursday, a bullish signal that indicates supplies are tightening as the summer driving season gets underway.A potential resurgence of the virus is clouding the long-term outlook, however. Traffic in Beijing has plunged as authorities battle a fresh outbreak, while some U.S. states including Texas are still seeing record increases in cases.Oil is resuming its upward trend...
Jun.18 -- As the 2020 U.S. election cycle heats up, cybersecurity firm Cloudflare Inc. says it blocks 400-thousand attacks against political campaigns on a typical day. Matthew Prince, chief executive officer at Cloudflare describes how the San Francisco-based company also protects advocacy groups fighting racism. He speaks on "Bloomberg Technology."...
