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NRGD - Weekly Energy Recap: Oil Prices Feel The Pressure
MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN
The only thing that can support a balanced market is a pickup in demand.
Oil prices moved with considerable momentum at the start of the week, touching four-month highs. But, by the end of the week, Brent crude had settled at $43.34 per barrel. WTI also edged up to $41.34 per barrel.
Energy Information Administration data showed weakening gasoline demand after a surge in the number of coronavirus cases. The outlook for crude oil demand in the US turned bearish as the latest weak US jobs report fueled growing economic uncertainty.