The oil market is troubled by rising demand worries and rising fuel stocks say analysts, and it’s going to take a firm commitment by OPEC+, or rising geopolitical tensions, to achieve a sustained recovery.WTI Crude is $52.40; Brent is $58.49.
The timing of the coronavirus outbreak is unfortunate for the oil markets, coming when both sentiment and actual demand for fuels are already being hit by lingering growth concerns, and unfavorable weather, say analysts. WTI Crude is $52.15; Brent is $58.37.
Futures traded lower during five straight days of declines to Monday, on concern reduced travel will hit jet fuel demand in the world’s biggest oil importer. Chinese authorities have locked down cities with a combined 50 million people. WTI Crude is $53.27; Brent is $59.27.
Traders churned the market successfully at every opportunity in 2019 to profit on sensationalized "conflicts", and not necessarily on fundamentals. Expect the same in 2020 as long as they can keep the market spiking and making record profits. WTI Crude is $52.72; Brent is $59.01.
Oil headed for a loss this week amid fears that China’s coronavirus will erode fuel demand just as markets struggle with a fragile world economy and adequate supplies. WTI Crude is $55.34; Brent is $61.69.
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