Friday, 03 July, 2020


Are Oil Prices About To Drop?

Oil prices creep up on demand recovery, tempered by virus outbreaks Oil prices broadly stable as demand upswing balances virus concerns
Conrad Doyle | 28 June, 2020, 16:11

"There is plenty of WTI in Europe", a trader said, referring to U.S. West Texas Intermediate crude.

USA rig count data is due later on Friday.

Several states, including Texas, are reporting sharp spikes in COVID-19 infections and hospitalizations, raising the specter of another round of lockdowns that could slow or halt the industry's fragile resurgence.

Brent crude futures moved up $0.74 or about 1.8% to $41.05 a barrel. "Part of the rebound here is the idea that all the stimulus measures that central banks and the world's governments are pumping into the economy is going to have a positive impact on economic activity and that it will be supportive to demand", said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.

Oil headed for a weekly decline - only the second since April - as a surge in USA coronavirus cases clouded the demand outlook, though the pessimism was tempered by huge cuts to Russia's seaborne crude exports.

U.S. crude oil production increased by 501,000 barrels per day (bpd) for the week ending June 19, its first weekly rise since the week ending March 13, according to data from Energy Information Administration (EIA) on Wednesday.

In the United States for a day revealed more than 34 thousand new cases of infection with coronavirus, according to the calculations of the CNBC channel, which analyzed information from Johns Hopkins University.

Cushing, which markets itself as the pipeline crossroads of the world, has waned in importance as shale production has boomed in Texas over the past decade, and since Washington lifted a ban on USA crude exports in late 2015 according to Reuters.

OIL said crude oil production dipped 5.7 per cent to 3.134 million tonnes in FY20. Economists had expected a 2.5% increase. "I think early on, people can extend a little grace, but I'm not sure the population would stand for it now". This month, the price of oil has reached beyond $ 40. If we see the Covid-19 upticks level off, the oil market could test $65, but that is still a big if.

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