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DEMAND UNCERTAINTY WEIGHS

OIL

Oil has traded weaker this morning as the cloudy demand outlook weighs on sentiment.

  • Brent crude trades at USD42.76/bbl, 8c off the day's low. WTI has similarly pushed down towards the day's low (USD40.60/bbl) and currently trades at USD40.73/bbl.
  • With the UK potentially edging closer to a fresh lockdown, alongside a similarly destabilizing surge in coronavirus infections in Europe, the fragile regional recovery is already under threat.
  • Libya's state energy company National Oil Corp. has indicated that it will soon resume exports via fields and ports that are free of conflict.

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