Oil prices slide amid coronavirus concerns

Oil prices slide amid coronavirus concerns”

Oil prices have climbed this week despite concerns about renewed lockdowns hitting fuel demand as COVID-19 infections surge in Europe.

Brent crude futures LCOc1 for December fell by 6 cents to $42.39 a barrel by 0953 GMT while U.S. West Texas Intermediate CLc1 futures were down 5 cents at $40.15. On Monday, both benchmarks fell almost 3%.

U.S. crude oil inventories decreased by 3.8 million barrels during the week ending October 9, the U.S. Energy Information Administration reported on Thursday.

"We find that China's record haul of crude growth is poised to cease as independent refineries have almost fully utilized their state-issued import quotas and companies struggle with extremely high crude inventories".

But under a "delayed recovery scenario", it said the energy demand recovery is pushed back to 2025.

OPEC+ had 100% compliance with a pact to cut oil supply in September was seen at 102%, two OPEC+ sources told Reuters.

More news: Ontario reports 805 new cases of COVID-19

OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and allied producers including Russian Federation, fear a prolonged second wave of the pandemic and a jump in Libyan output could push the oil market into surplus next year.

Asian spot prices for LNG rose to their highest in more than 11 months last week, underpinned by expectations that an anticipated cold winter will stoke demand for the fuel used in heating.

On the supply side, workers have been returning to U.S. Gulf of Mexico platforms after Hurricane Delta and Norwegian workers to offshore rigs after ending a strike.

The IEA said the forecast for a decline in demand by 8.4 million barrels per day (bpd) for this year to 91.7 million bpd is relevant only if OPEC+ fully complies with the terms of the deal to reduce production, and world reserves decrease by 4 million barrels per day in the fourth quarter. The growth forecast is 80,000 bpd less than expected a month ago.

"For prices to rise further, we think elevated spare production capacity among OPEC+ needs to be reduced. Truly, those wishing to bring about a tighter oil market are looking at a moving target". "The group can react easily to any large production disruption by using its spare production capacity to ramp up production in case prices spike", UBS analysts said in a note.

U.S. crude oil inventories were seen falling last week, while distillate stockpiles likely declined for a fourth week, a preliminary Reuters poll showed on Tuesday.

Like this



18 October 2020
US retail sales blow past expectations
Sporting goods stores were up 5.7% month over month seasonally adjusted and up 18.3% unadjusted year over year. Unlike other economic data reports produced by the USA government, retail sales aren't adjusted for inflation.

18 October 2020
Man Incorrectly Pronounced Dead And Rescued From Mortuary Freezer Has Now Died
He said doctors had no information about how long the patient stayed inside the freezer and whether his death was related to that. Salem police chief Senthil Kumar said the family had been unable to produce a medical certificate for Mr Balasubramanyam's death.

18 October 2020
Prince William and Kate Middleton play pycoarion with Pakistani students
The duo was also shown friendship bracelets made by a little girl called Minahil Kabeer. They correctly identified a sketch of a birthday and a picture of the sport cricket.

18 October 2020
China Says Qingdao Outbreak Linked to Hospital
The Qingdao cluster has created nationwide concern as thousands visited the tourist city during the recent National Day holidays. No more positive cases were found aside from the 13 cases confirmed earlier this week.

18 October 2020
Maple Leafs Sign Joe Thornton To One-Year Deal
Thornton is a six-time All-Star and won the Hart Trophy and Art Ross Trophy in 2006. Thornton's deal does not include a substantial number of performance bonuses.

18 October 2020
New Zealand's Ardern wins 2nd term in election landslide
Typically, parties must form alliances to govern, but this time there's a chance Ardern and Labour will be able to go it alone. Her popularity soared earlier this year after she led a successful effort to stamp out the coronavirus .

18 October 2020
Pink in the tropics marks Breast Cancer Awareness Month
The Pink Patch Project aims to raise awareness for the early detection, treatment, and comfort care of victims of breast cancer. These were the details of the news NEWSPORT DAILY-Pink in the tropics marks Breast Cancer Awareness Month for this day.

18 October 2020
Westjet Announces Suspension of Operations to Four Cities in Atlantic Canada
All flights to and from Moncton, Fredericton, Sydney, Charlottetown and Quebec City will be discontinued as of November 2. Elimination of more than 100 weekly flights or nearly 80 percent of seat capacity from the Atlantic region.

18 October 2020
American firm acquires Nigerian start-up, Paystack, for $200m
Collison further noted that Stripe is planning for "a longer time horizon" than most other Fintech businesses. He pointed out that the company is thinking of "what the world will look like in 2040-2050".

17 October 2020
Borderlands 3 season pass 2 begins November 10
The add-on's set for a spring 2021 release, so we should get to see what's in store closer to that time. Players can expect the free update for next-gen on November 10 (Xbox Series X), and November 12 (PS5).