Oil prices slide as demand fails to recover from Covid-19 by GossipMantri.com

0
9

© GossipMantri.com

By Geoffrey Smith

GossipMantri.com – Crude oil prices have faded since the start of the month as it became clear that the strong recovery in demand after a disastrous second quarter has stabilized. The Organization of the Petroleum Exporting Countries and the International Energy Agency have again downgraded their global demand forecasts in their monthly reports, with the IEA now estimating that demand will on average only exceed 91.7 million barrels per day this year – the lowest level since 2013.

Britain’s main oil company BP (NYSE đŸ™‚ even said in its latest outlook that the days of growing oil demand may be gone forever. It now sees global demand for oil peak by the middle of this decade, as the pandemic accelerates the transition to an economy increasingly dominated by remote working, digital consumption and electric mobility.

Warning: Fusion Media reminds you that the data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but rather by market makers, so prices may not be precise and may differ from the actual market price. , which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may suffer as a result of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage resulting from reliance on any information, including data, quotes, graphics, and buy / sell signals contained in this website. Be fully informed about the risks and costs involved in trading in the financial markets, it is one of the riskiest forms of GossipMantri possible.

LEAVE A REPLY

Please enter your comment!
Please enter your name here