Oil prices fell yesterday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand and amid concerns about turbulence around this week’s US presidential election. Read More“Near-term oil fundamentals will continue to deteriorate until the unprecedented rise in Covid infections is brought under control,” said Stephen Brennock of oil broker PVM. Global oil trading companies expect further demand destruction although estimates differ. Vitol sees winter demand at 96 million barrels per day (bpd), while Trafigura expects demand to fall to 92 million bpd or below. Meanwhile, OPEC oil output rose for a fourth month in October, a Reuters survey found.

Source: Standard Digital November 02, 2020 21:00 UTC