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Lower On Demand Concerns

OIL

Oil is lower in Asia, extending losses from Friday. WTI last down $0.06 at $52.51, brent is $0.11 higher at $55.30. Data released on Friday showed headline crude inventories rose 4.35m bbls against expectations of a decline, the increase was the first gain since early December.

  • Signs of potentially weaker demand are weighing on markets as coronavirus cases surge. Fresh lockdowns are being imposed around the world and many countries are considering or implementing travel bans.
  • Supporting oil prices is the announcement from Iraq that it would reduce January and February output to make up for exceeding its OPEC+ quota last year. Also supporting prices were reports that members of a Libya's oil guards, the paramilitary force responsible for safeguarding oil ports, ordered a halt in crude exports at three eastern terminals during a pay dispute.
Energy BulletsCommodities
Energy BulletsCommodities

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