Yet oil prices aren’t recovering as the bulls had hoped. The US Energy Information Administration’s outlook for global oil demand is becoming more pessimistic. More specifically, in the US the recovery in oil demand from the depths of the destruction seen in April is faltering. Jet fuel is still down by more than 60%, while the drop in distillate fuel oil demand is getting bigger, not smaller. For those hoping that a quick, V-shaped recovery in oil demand would help spur oil prices higher, the data don’t appear very encouraging so far.

Source: News 24 June 16, 2020 15:00 UTC