NEW YORK (Reuters) – Oil prices slipped more than 1% on Friday after an oil worker strike in Norway ended, which should boost crude output even as Hurricane Delta forced U.S. energy firms to cut production.

Brent futures

fell 49 cents, or 1.1%, to settle at $42.85 a barrel, while U.S. West Texas Intermediate (WTI) crude

fell 59 cents, or 1.4%, to settle at $40.60.

Despite Friday’s price slide, both benchmarks gained about 9% this week, their first increase in three weeks and the biggest weekly rise for Brent since June.

Oil futures climbed earlier in the week due to concerns the strike in Norway and the hurricane headed for the U.S. Gulf Coast would cut crude output.

Norwegian oil firms struck a wage bargain with labour union officials on Friday, ending a 10-day strike that had threatened to cut the country’s oil and gas output by close to 25% next week.

“One of the bullish factors that had been supporting prices fell apart late in the day when it was announced that Norway would end their strike,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Also weighing on prices were doubts voiced by Republicans in the U.S. Senate that a coronavirus economic stimulus deal could be reached before the Nov. 3 election.

Earlier in the day, oil prices briefly turned positive after U.S. House Speaker Nancy Pelosi said she would resume talks on a possible $1.8 trillion COVID-19 stimulus package with Treasury Secretary Steven Mnuchin.

Hurricane Delta, meanwhile, dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, halting most of the region’s oil and nearly two-thirds of natural gas output.

Looking ahead, JP Morgan said that a worsening global oil demand outlook due to a potential rise in coronavirus cases

SINGAPORE – Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks.

U.S. West Texas Intermediate (WTI) crude CLc1 oil futures fell 87 cents, or 2.1%, to $39.80 a barrel by 0104 GMT while Brent crude LCOc1 futures fell by 74 cents, or 1.7%, to $41.91 a barrel.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the U.S. presidential election only weeks away.

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Price were also pressured by data from the American Petroleum Institute showing U.S. crude oil stocks rose by 951,000 barrels last week – more than expected. <API/S>

“(This was) not exactly what the recovery doctor ordered as the oil market was already tanking from a two-week high after President Trump quashed hope for a pre-election stimulus deal,” said Stephen Innes, chief market strategist, at online brokerage AxiCorp.

Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks. (iStock)

But losses were limited by restrictions on the supply side.

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Energy companies were busy securing offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as Hurricane Delta took aim at U.S. oil production in the Gulf of Mexico, which accounts for 17% of total U.S. crude oil output.

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In Norway, meanwhile, the Lederne

The Tuesday Market Minute

  • Global stocks mixed as markets react to President Trump’s return to the White House from Walter Reed Medical Center.
  • Trump told reporters he was ‘feeling good’ following three days of treatment for his coronavirus infection, but doctors warned that the worst of his symptoms could still surface.
  • Treasury Secretary Mnuchin and House Speaker Pelosi set to resume stimulus talks Tuesday, but the infection of three GOP Senators with COVID-19 could delay ultimate vote for fresh fiscal support
  • Federal Reserve Chairman Jerome Powell speaks at 10:40 am Eastern time, with key central bank address from ECB and BoJ officials slated to follow Tuesday.
  • U.S. equity futures suggest a softer open on Wall Street ahead of redbook retail sales data at 8:55 am Eastern time and Powell’s webcast speech at 10:40 am Eastern time.

U.S. equity futures drifted lower Tuesday, while benchmark Treasury bond yields held at higher levels after a breakout move on Monday, as markets reacted to President Donald Trump’s return to the White House following three days of treatment for his coronavirus infection at Walter Reed Medical Center.

Trump, whose positive test was determined on Thursday, told reporters in Washington he was feeling ‘good’ upon his return to the White House, although doctors cautioned that the worst of the disease’s symptoms could flare up later this week.

Still, the apparent stabilization of the President’s health, as well as reported progress in stimulus talks between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, put a floor under U.S. stocks in overnight trading after indices hit a two-week high after Monday’s sharp rally.

Tuesday’s early trading is likely to focus on the both the impact of the resurging virus on major economies around the world, as well as central bank plans to alleviate it, with three

Japanese stocks edged up Friday as they reopened after being shut down all the previous day by a technical fault, though markets across Asia were mixed in holiday-thinned trade with investors keeping an eye on stimulus talks in Washington.

After September’s sell-off, Wall Street got the new quarter off to a positive start as technology firms appeared to rediscover their mojo, helped by a dip in US jobless claims that provided hope for key non-farm payrolls data later in the day.

However, news that several big-name firms including Walt Disney, American Airlines and United had cut tens of thousands of posts, and that Americans’ personal income had dived, fuelled concerns about the outlook for the consumer-driven US economy.

The bigger-than-feared fall in income came as expectations dwindled that US lawmakers will have time to pass a new stimulus package before the November 3 presidential election.

“The data highlights the imperative of a new fiscal support package if consumption is not to derail the economic recovery in the fourth quarter,” said National Australia Bank strategist Ray Attrill.

“Yet overnight we have no sign of progress towards reconciliation between the Democrats and the White House, even though both sides continue to express optimism on the ability to reach a compromise.”

Democrats pushed their latest $2.2 trillion proposal through the House, where they hold a majority, but without any opposition support, there is no chance it will be agreed by the Republican-dominated Senate.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin held a series of talks Thursday to find a way through the deadlock but when asked whether a chance still remained for an agreement, Pelosi replied: “I don’t know.”

Georgetown University’s governmental affairs institute senior fellow Josh Huder said: “I can’t tell how much of this is genuine effort to pass