There are now over 8 million cases globally as of June 16, according to Johns Hopkins University data, with China and the United States continuing to battle a second wave of new cases.
Brent oil futures fell 1.08% to $39.36 by 9:51 PM ET (2:51 AM GMT) and WTI futures slid 0.86% to $36.80.
But the black liquid’s losses were mitigated after UAE energy minister Suhail Mohamed Faraj Al Mazrouei expressed confidence on Monday that producers who have so far not been fully compliant with the production cuts agreed to by OPEC+ in April would pick up the pace. He also said that oil demand was increasing, with more countries easing lockdowns and restarting their economies.
“Renewed optimism that OPEC+ production cuts could remain in place if we see second wave concerns intensify have oil prices refusing to enter freefall,” Edward Moya, senior market analyst at OANDA, told Reuters.
Investors are now focusing on Thursday’s OPEC-led monitoring panel to be led by OPEC as it analyzes producer countries’ success in complying with the cuts. Meanwhile, crude oil supply forecasts from the American Petroleum Institute (API) and the US Energy Information Administration (EIA), due later in the week, will also be scrutinized.
By Investing.com: https://www.investing.com/news/commodities-news/oil-down-over-increased-demand-fears-2202783
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
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… 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.