Tech stocks are suffering despite little change in the outlook, and the broader market is falling in their wake.
The ranks of America's jobless grew again last week, reaffirming that the U.S. recovery is losing momentum.
(Bloomberg) -- Oil fell, paring its biggest weekly gain since June, as Libyan military commander Khalifa Haftar said he will allow crude production and exports to resume.Futures slid 0.7% in New York following the announcement from Haftar, who controls most of eastern Libya and has halted operations and shipments from his territory as part of a campaign against the internationally recognized Tripoli government. The OPEC member is pumping just 80,000 barrels a day, but produced 1.2 million a day last year.Nonetheless, prices remain 9% higher this week, buoyed by a show of determination to defend the market on Thursday from Saudi Arabia, the most influential nation in the Organization of Petroleum Exporing Countries. The Saudis hinted they’re prepared for new production cuts, and lambasted OPEC+ members that have cheated on production quotas.“All in all, the strong reiteration of OPEC+’s commitment with its planned supply cuts is welcome news to the bulls in the market,” said Harry Tchilinguirian, head of commodities strategy at BNP Paribas SA.Oil has clawed its way back above $40 a barrel this week, buoyed by a weaker dollar and a surprise decline in U.S. crude inventories.Yet the market is still contending with an uneven recovery in consumption amid a second wave of the coronavirus, and bearish calls on the outlook from industry heavyweights such as BP Plc and Trafigura Group to the International Energy Agency.See also: Covid-19 Has Sidelined Enough Fuel to Power a Million PickupsSaudi Energy Minister Prince Abdulaziz bin Salman opened Thursday’s meeting with a forceful condemnation of members that try and get away with pumping too much crude.This week, the IEA said the United Arab Emirates almost entirely disregarded its commitment to quotas last month, while tanker tracking data show Iraq is exporting more crude so far in September than it shipped in August, a sign it’s falling behind in its compliance efforts.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.