Oil got off to a weak start in September with many countries still fighting to contain the coronavirus. Crude supply is likely to remain higher than expected as Iraq is struggling to meet its output commitments under the OPEC+ deal. WTI Crude is $41.09; Brent is $43.74
U.S. gasoline demand last week fell to 8.78 million barrels per day (bpd) from 9.16 million bpd a week earlier, Energy Information Administration (EIA) data showed on Wednesday, with consumption of other oil products also falling. WT Crude is $40.65: Brent is $43.54
A positive tone is being sustained this morning amid hints of a bigger-than-expected drawdown in U.S. oil inventories creating a wave of optimism. WTI Crude is $43.01; Brent is $45.89
Oil has struggled to hold above $43 as increasing coronavirus infections raise concerns about the sustainability of the demand recovery. On the supply side, U.S. figures are expected to show crude stockpiles fell for a sixth week, the longest run of declines this year. WTI Crude is $42.62; Brent is $45.37
Oil looks positive, but it’s going to grind higher rather than race because there are still concerns about the consumption side of the equation, and in some countries that opened up, Covid-19 has made a return. WTI Crude is $43.40; Brent is $46.27
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