Home Forex News WTI Crude Oil Steady, Demand Concerns Weigh as Coronavirus Cases Rise

WTI Crude Oil Steady, Demand Concerns Weigh as Coronavirus Cases Rise

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WTI crude oil costs are trading fairly consistently, since markets continue to worry about weak demand, as several countries force new limitations to counter the resurgence in Covid cases. At the time of composing, WTI crude oil is trading at around $40.10 per barrel. 

The OPEC has reexamined its oil demand forecast for the following year in its most recent month to month report. The report, which was delivered on Tuesday, indicates that oil demand could increase by 6.54 million bpd to touch 96.84 million bpd in 2021. This figure is 80,000 bpd, not exactly the group’s forecast from last month, demonstrating that the pandemic’s effect on crude oil is probably going to expand well into one year from now.

WTI crude oil prices are trading somewhat steady as markets continue to worry about weak demand, even as  several countries impose fresh restrictions to counter the resurgence in coronavirus cases. At the hour of composing, WTI crude oil is trading at around $40.10 per barrel. 

The OPEC has changed its oil demand forecast for the following year in its most recent monthly report. The report, which was delivered on Tuesday, expresses that oil demand could increase by 6.54 million bpd to touch 96.84 million bpd in 2021. This figure is 80,000 bpd, not exactly the group’s forecast from a month ago, demonstrating that the pandemic’s effect on crude oil is probably going to broaden well into next year.

OPEC+ is required to tighten creation controls on crude oil beginning January 2021, according to the energy minister of the UAE, Suhail al-Mazrouei. For now, crude oil prices are holding consistent even as OPEC and partners keep up that they will honor commitments for deeper supply cuts.

Crude oil prices have also come under pressure from the resumption of oil production in the Gulf of Mexico after Hurricane Delta made landfall a week ago, with shut output diminishing from 69% on Monday to 44% by Tuesday. The API report is booked to release later today, with economists experts anticipating crude inventories to have declined over the previous week.

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