Oil prices rose a little on Tuesday as the market adjusted the scale of Monday’s decline, but downside risks remain.
Oil prices declined today as the market is correcting the exaggerated price levels reached in yesterday’s session. Meanwhile, Covid-19 demand concerns and US supply return.
Oil prices have inched up today as the market has already priced in oil demand concerns and now awaits for the OPEC+ meeting.
Oil prices remain largely flat but head for back-to-back weekly losses, for the first time since the height of Covid-19’s first wave.
Oil prices are losing ground again on indications that US crude oil inventories rose last week, maintaining the bearish price correction that September has introduced.
Oil prices are continuing to fall, with most concerns focusing on the US, where Covid-19 isn’t slowing down and road fuel demand trembles.
Oil prices continued their decline on Monday, as the market is growing less and less confident that oil demand will recover as quickly as it hoped.
Oil prices rose today, correcting the lows that the week brought, but an overall bearish sentiment remains in the market, on concerns about weaker demand and supply increases.
Oil prices declined today as the market finally prices in the underlying uncertainty over the oil demand’s recovery, Iraq’s cuts compliance and the additional effect of Covid-19 on the economy as a whole.