Oil prices rose a bit today, correcting some of yesterday’s losses, which were more a sign of shock on economic collapse figures. Nevertheless, traders brace for August, a month of returned production from OPEC+ amid stalled demand recovery.
Oil prices are falling today, with traders ignoring yesterday’s US crude stock news and acknowledging Covid-19’s threat to the demand recovery, while waiting for OPEC’s returned production to hit the market again.
Paola Rodriguez-Masiu, Senior Oil Markets Analyst at Rystad Energy, has commented on what yesterday's OPEC+ meeting may mean for oil prices.
Oil prices fell as the market expects OPEC+ to lower production curtailments, while Covid-19 slows demand recovery.
Oil prices rose this morning, reversing earlier losses, as a crude stockpile relief in the US, still inspires market confidence.
Rystad Energy estimates Iraq’s actual ability to cut more barrels is limited to between 300 000 and 500 000 bpd.
Oil prices declined this morning as traders continue to keep them in manageable levels, on anticipation of more bullish news and with a wary eye on how Covid-19 evolves.
Oil prices recovered early losses and see gains on relief that international trade remains unchanged, while road fuel demand stands strong despite a spike in Covid-19 cases.
Oil prices continued to gain on prolonged enthusiasm from Thursday’s OPEC+ meeting, with traders expecting increased production-cut compliance and regaining trust that supply is under control.
Oil prices have swung to gains after road fuel demand signals and an upcoming OPEC+ meeting weighted positively on trader sentiments.