Monday, 06 April, 2020


Oil Prices Fall as Demand Woes Overcome U.S. Stimulus

Saudi Arabia tanker power play could backfire as oil demand shrinks Oil prices rally on hopes for US stimulus
Conrad Doyle | 25 March, 2020, 22:26

The U.S. Congress may vote on Wednesday on the $2 trillion stimulus after Republicans and Democrats said they were close to a deal, with optimism over the package fueling a surge in stock markets.

Brent crude was down 49 cents, or 1.8%, at $26.66 a barrel at 1400 GMT after touching a low of $25.68.

The latest round of weekly USA oil reports are expected to show crude inventories rose for a ninth straight week.

Demand for oil products, especially jet fuel, is falling worldwide as more governments announce nationwide lockdowns to stop the spread of coronavirus.

West Texas Intermediate (WTI) crude futures rose 55 cents, or 2.3%, to $24.56 a barrel, a 2.3% gain.

Wednesday's gains came after the Dow surged 11.4 per cent, its biggest one-day percentage increase since 1933, on indications Congress is nearing agreement on a rescue package for the U.S. economy that could amount to more than United States dollars 2 trillion.

India, the world's second most populous country and the third-largest oil consumer, has entered a 21-day lockdown.

Barclays also forecast global available onshore storage capacity at about 1.5 billion barrels with an estimated oversupply of over 5 million barrels per day (bpd) for this year and an oversupply of 10 million bpd on average for second quarter. Inventories, which have risen for nine straight weeks, are expected to keep growing as fuel demand declines and refineries pare back activity.

It joined several other banks in slashing their oil price forecasts on account of the collapse of an output curb deal amongst members of the Organization of the Petroleum Exporting Countries and allies, or OPEC+, as well as the demand hit from the virus.

"These busts like this can be long lasting in the oil industry".

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