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Oil steadied in London after the longest rally in a year on signs of tighter global supply and hopes that the Chinese economic stimulus will cushion fuel demand from the impact of the coronavirus. Brent crude holds near $59 after gaining 11% in seven days. WTI Crude is $53.45; Brent is $59.21.  Source: Bloomberg.com - By: Jacqueline Davalos - Image: Energy Information Administration
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The deepening run cuts belie optimism that the impact of the epidemic may have peaked, a sentiment that’s helped spur a recovery in oil prices over the last week. WTI Crude is $52.75; Brent is $58.87.  Source: Bloomberg.com - By: Alfred Cang - Image: Akos Stiller Activity is slowly picking up, and while oil demand for storage has remained robust, the demand for products remains low. The market will have to live with this being, most probably, a W-shaped recovery, say some analysts. WTI Crude is $51,04; Brent is $56.43.  Source: Bloomberg.com - By: Grant Smith and Saket Sundria - Image: ICE Futures Europe It’s not just crude prices that have staged a recovery. The market’s structure also rallied into a backwardation, indicating some of the oversupply may have eased. WTI Crude is $52.11; Brent is $57.12.  Source: Bloomberg.com - By: Alex Longley and Grant Smith - Image: File Photo New estimates show that oil markets face a surplus despite production cuts by OPEC and its partners. Crude sank to a one-year low below $50 a barrel last week and the impact of the epidemic will be felt throughout the year, said the International Energy Agency (IEA). WTI Crude is $50.98; Brent is $55.41.  Source: Bloomberg.com - By: Grant Smith - Image: Getty Images |
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