• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 3 hours Is the oil & gas industry on the way out?
  • 40 mins COVID is real now
  • 13 hours In a Nutshell...
  • 18 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 14 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 4 hours The Boris Yeltsin of America
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 24 hours Why Oil could hit $100
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
  • 3 days A Real Reality Check on "Green Hydrogen"
Editorial Dept

Editorial Dept

More Info

Premium Content

Can Oil Prices Recover?

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher on Friday. The move is being fueled by stronger demand for risky assets after U.S. equity markets soared on the opening. There is also a little growing optimism that demand in Asia, especially from China, may start to pick up over the near-term as the number of new coronavirus cases in the country starts to decline.

Despite the strength at the end of the week, the markets are expected to finish the week with their worst performance since the 2008 financial crisis. Concerns continue to be driven by global demand worries and production increases from several OPEC members.

The markets gapped lower on Monday, pressured by the threat of a flood of cheap oil after Saudi Arabia announced that it would increase production on April 1 and lower export prices substantially. The moves are in retaliation to Russia’s balking at a deal with OPEC+ to reduce output.

Prices were also pressured after U.S. President Donald Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic. The travel ban, which excludes Britain, will hit U.S. airlines “extremely hard”, their industry association said. The surprise move is likely to mean a further drop in demand for jet and other fuels in an already battered oil market, although just how much is hard to quantify.

US EIA Cuts 2020 Oil Demand Growth…

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News