South Korea also warned of a second wave of the virus on Sunday. “Concern over a second wave, the nearly 50% year on year drop in Indian oil demand in April and likely further oil inventory builds this week are likely weighing on oil prices at the start of the week,” said UBS analyst Giovanni Staunovo. Consumption of fuel, a proxy for oil demand, totalled 9.93 million tonnes, its lowest since 2007, government data showed on Saturday. Global oil demand has slumped by about 30% as the pandemic has curtailed movement across the world, building up inventories globally. Both benchmarks have notched gains over the past two weeks as fuel demand rebounded modestly as some travel restrictions are eased.

Source: bd News24 May 11, 2020 10:52 UTC