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Oil prices reverse some losses but demand concerns persist

CoronavirusSep 09, 2020 11:45AM ET
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© Reuters. FILE PHOTO: Dust blows around a crude oil pump jack and flare burning excess gas at a drill pad in the Permian Basin in Loving County

By Ahmad Ghaddar

LONDON (Reuters) - Oil futures 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.

Brent crude (LCOc1) was up 29 cents, or 0.7%, at $40.07 a barrel by 1339 GMT after dropping more than 5% on Tuesday to fall below $40 a barrel for the first time since June.

U.S. crude (CLc1) was up 57 cents, or 1.6%, at $37.33 a barrel, having fallen nearly 8% in the previous session.

Both major oil benchmarks are trading close to three-month lows.

The global health crisis continues to flare with coronavirus cases rising in India, Great Britain, Spain and several parts of the United States.

The outbreaks are threatening to slow a global economic recovery and reduce demand for fuels from aviation gas to diesel.

"Short-term oil market fundamentals look soft: the demand recovery is fragile, inventories and spare capacity are high, and refining margins are low," Morgan Stanley (NYSE:MS) said.

Yet, the bank raised its Brent price forecast slightly higher to $50 a barrel for the second half of 2021 with the dollar weakening and rising inflation expectations, it said.

Record supply cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ have helped support prices, but with grim economic figures being reported almost daily, the outlook for demand for oil remains bleak.

China's factory gate prices fell for a seventh straight month in August although at the slowest annual pace since March, suggesting industries in the world's second-biggest economy continued their recovery from the coronavirus-induced downturn.

Oil prices reverse some losses but demand concerns persist
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Comments (7)
Alan Rice
Alan Rice Sep 09, 2020 1:39PM ET
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Free Oil for All !!!
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David Bennett
David Bennett Sep 09, 2020 9:54AM ET
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fear and speculation.
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robert morris
XcaliberTrading Sep 09, 2020 7:10AM ET
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oil is always a short play on this liberal website. I don't even read the article lol. I already know what these people will try to convince people of.
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Leno Mad
Leno Mad Sep 09, 2020 3:30AM ET
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what happened to all the hope nonsense of a week back?
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Kelly Mayer
Kelly Mayer Sep 09, 2020 1:10AM ET
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2nd wave fears? Did you went into a coma in June and just woke up? Do you understand there isnt gonna be another lckdwn ? Specially with a recovery rate of 99.95%, 90% of tests being false positives (they amplify genetic material to extremes in some cases, and also report positive for DEAD virus genetic material), remdesivir, dexamethasone, plasma, vaccines being rolled out as we speak, and c19study.com. Stop pushing the far left radical agenda.
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Steven king
Steven king Sep 09, 2020 1:10AM ET
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It's definitely an agenda, no doubt about it.. And to whom ever follows that scare tactic have fallen victim to lib agenda's...
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BOB MM
BOB MM Sep 09, 2020 1:10AM ET
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when u see thousands of bearish analysis report on this website and oilprice.com, u know it's great time to buy oil
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Benjamin Kang
Benjamin Kang Sep 09, 2020 12:33AM ET
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It's better maybe just to state the price development and not the cause. It looks silly when you write "oil rises despite Corona virus" just to follow with "oil falls because of corona virus". You must know that the impact of a couple thousands cases more or less in Spain changes oil consumption maybe by exactly no percent.
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Abdul Rahman Bojeng
Abdul Rahman Bojeng Sep 09, 2020 12:33AM ET
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lol exactly.. worry over 2nd wave has been quoted countless time as the cause for anything that went south for many months now
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Abdul Rahman Bojeng
Abdul Rahman Bojeng Sep 09, 2020 12:33AM ET
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lol exactly, worry over 2nd wave has been quoted countless time as the cause for anything that went south for many months now.
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Abdul Rahman Bojeng
Abdul Rahman Bojeng Sep 09, 2020 12:33AM ET
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Lol, exactly! Worry over 2nd wave has been quoted countless time as the cause for anything that went south for many months now.
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znao sam
znao sam Sep 08, 2020 11:23PM ET
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🤣🤣🤣🤣🤣🤣🤣🤣 oil falls because hedge found and banks wants to, not because fake coronavirus
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Michael Jones
Michael Jones Sep 08, 2020 11:23PM ET
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no kidding, second wave fears have nothing to do with it. big money is bringing it down because they want to.
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Edward Chong
Edward Chong Sep 08, 2020 11:23PM ET
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of cos. but the report cant say wall st wants big oil to go down haha.
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