Global Markets: U.S. jobless claims down

Crude oil demand expected to drop

By MarketsFarm

WINNIPEG, Aug. 13 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United States Department of Labor reported on Thursday that the number of new applicants for unemployment benefits slipped under 1 million for the first time since the COVID-19 pandemic began in March. The report said about 963,000 people filed claims for the week ended Aug. 8. The total number of people collecting benefits dropped to about 15.4 million, as of Aug. 1.

– Just as crude oil prices reached five-month highs this week, the International Energy Association (IEA) said on Thursday that global demand for oil will continue to drop. The IEA forecast demand for the second quarter of 2020 to fall 500,000 barrels per day (BPD) to 95.25 million. Also, the association expects kerosene and jet fuel demand to drop 380,000 BPD to 4.8 million as air travel remains sharply curtailed.

– The U.S. recorded 1,500 deaths from COVID-19 on Thursday, the highest one-day tally since May, according to the Coronavirus Resource Center at Johns Hopkins University. The number of reported cases in the U.S. is almost 5.2 million, with more than 3.4 million active cases and over 166,000 deaths. Worldwide the number of cases surpassed 20.6 million, with almost 7.8 million active cases, but over 750,000 deaths.

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