The oil market fell yesterday as weak consumer confidence data in the United States fed concerns regarding the economic outlook and fuel demand after a slow start to the summer driving season, with Brent futures for August down by $1 or 1.2 per cent at $85.01 a barrel and the US West Texas Intermediate (WTI) crude futures losing 80 cents or 1 per cent to settle at $80.83 per barrel. 

COVID-19: Virus Resurgence Threat To Oil Demand Recovery – OPEC       The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said. It disclosed this at the 16th OPEC and non-OPEC...

OPEC+ To Lower Oil Demand Forecast Amid COVID-19 Uncertainty       The Organisation of Petroleum Exporting Countries and its allies have agreed to lower the forecast that oil demand would grow by 5.9 million barrels per day this year. A panel of OPEC+ technical experts agreed to revise...

Oil Demand Risks Decline In Q1, 2021       The production policies of the non-member countries of the Organisation of Petroleum Exporting Countries (OPEC+) and pandemic’s path will continue to drive global oil prices in the year and result in global oil demand declining marginally in the...

Fresh Lockdowns Impacting Oil Demand Recovery - OPEC+         The Organisation of the Petroleum Exporting Countries and its allied have lamented the impact of the resurgence of COVID-19 cases in major economies on crude oil demand. The Joint Ministerial Monitoring Committee of OPEC and its Russia-led allies,...

Oil Rises Slightly To $40, Demand Concerns Persist       Crude oil prices on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand. The international oil...