There are almost 28 million COVID-19 cases globally as of September 10, according to Johns Hopkins University data.
Brent oil futures were down 0.42% to $40.62 by 11:25 PM ET (4:25 AM GMT) and WTI Futures fell 0.63% to $37.8, remaining below the $40-mark.
As COVID-19 cases rise in several U.S. states, the American Petroleum Institute (API)on Wednesday reported a 2.970 barrel-build in the country’s crude stockpiles for the week ending September 4, compared to the 6.360 barrel-draw seen in the previous week’s data.
The US Energy Information Administration (EIA) is expected to put out official weekly inventory data on Thursday, a day later than normal due to the US Labor Day holiday.
Leading commodity traders are also booking tankers to store crude oil and diesel on the water as supply outpaces consumption, according to trading sources and shipping data.
The Organization of the Petroleum Exporting Countries (<a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC) and allies including Russia, together known as OPEC+, had trimmed supply curbs in August on expectations demand would improve. It is expected to be a topic of discussion on the table at a meeting of the organization’s market monitoring panel on Sept. 17.
“This issue will be front and centre … next week, where we expect a strong statement that if markets continue to weaken, the producer group will be prepared to trim output further,” stated Citi analysts in a note.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
Azule Energy and Rhino Resources will enter a strategic farm-in agreement for Block 2914A located in Namibia's offshore Orange Basin,… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.