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Concerns about stagnating demand and the return of Libyan exports continue to put pressure on prices say some analysts. WTI Crude is $39.13; Brent is $40.47  Source: Bloomberg.com - By: Elizabeth Low and Alex Longley - Image: Daniel Acker
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Oil has clawed its way back after dropping below $40 a barrel earlier in the month, but oil traders said Tuesday that the market won’t fully recover until 2022. It’s also contending with an increase in supply from OPEC+ members, which is boosting output as a blockade on its energy facilities lifts. WTI Crude is $40.34; Brent is $42.25  Source: Bloomberg.com - By: Alex Longely - Image: Angus Mordant Oil has been largely stuck near $40 a barrel with signs that a resurgence of the virus could lead to more lockdown measures. The recovery will be long and gradual the Russian Energy Minister said on Sunday, estimating global demand this year will drop by as much as 10% from a year earlier. WTI Crude is $40.30; Brent is $41.95  Source: Bloomberg.com - By: Elizabeth Low and Alex Longley - Image: Ali Mohammadi/Bloomberg The outlook for consumption is patchy with the International Energy Agency signaling caution. Traffic-congestion data suggest road-fuel demand in parts of Europe is holding up relatively well, while the market is contending with returning supplies. WTI Crude is $39.82: Brent is $41.61  Source: Bloomberg.com - By: Saket Sundria and Alex Longley - Image: Mark Felix Iraq’s oil ministry denied a media report citing their Oil Minister saying an agreement was imminent with the OPEC+ group to increase Iraq’s crude oil exports.“The oil minister did not make these comments and did not meet with the newspaper’s reporter,” an oil ministry spokesman told reporters. WTI Crude is $39.95; Brent is $41.82  Source: Reuters.com - By: Ahmed Aboulenein - Image: Dado Ruvic |
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