• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 1 day Did China cherry-pick the factors that affected the economic slow-down?
  • 12 mins "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 48 mins "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 hours Are you aware of Oil Price short videos on our energy topics?
  • 9 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 12 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
The Commercial Case For Green Hydrogen

The Commercial Case For Green Hydrogen

Hydrogen, especially green hydrogen, has…

5 Energy Stocks To Watch As Earnings Season Comes Up

5 Energy Stocks To Watch As Earnings Season Comes Up

As earnings season comes back…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Extends Losses As Demand Fears Resurface

Following losses of more than 3-percent on Monday, oil prices continued to trade lower early on Tuesday, dragged down by renewed concerns about global oil demand as flight bans and lockdowns in Europe are grounding flights and upending travel plans.

While the new U.S. relief package of $900 billion, which Congress passed on Monday, managed to lift equity markets in Europe and the United States on Tuesday, oil prices continued to lose ground as immediate demand fears trumped future prospects of an oil consumption recovery with the advance of vaccinations, particularly as a new strain of Covid-19 has emerged.

As of 9:57 a.m. ET on Tuesday, the WTI Crude price was down 1.79 percent at $47.08 and the prompt Brent Crude prices were approaching the $50.00 a barrel level as they were losing 1.59 percent at $50.13.

The full lockdown in most of southeast England, including London, and the almost complete travel isolation of the UK from other countries, as a result of the new coronavirus strain, continues to weigh on the oil market. Other major economies in Europe, including Germany and Italy, will be on nationwide lockdowns for Christmas.

Due to the new strain of the virus, dozens of countries, including the UK’s closest neighbors across the Channel, such as France, have suspended flights from Britain, while France has even closed all its borders with the UK for two days. The European Union and the European Commission are looking at ways to remove the isolation of the UK, with the Commission recommending EU member states lift restrictions on essential travel. However, each EU state decides its own travel policy and border controls.

The chaos with Christmas travel in Europe adds uncertainty about how these latest disruptions would impact oil demand just as the OPEC+ alliance is set to ease their collective cut by 500,000 barrels per day (bpd) as of January.

Despite renewed fears about oil demand due to the new coronavirus strain, the leader of the non-OPEC group in the OPEC+ pact, Russia, is reportedly still in favor of another 500,000 bpd increase in the alliance’s oil production from February.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News