Categories: Agenda

Petrol Has Declined Despite The Decrease In Stocks

  Despite the decrease in stocks, oil with dark clouds on it remained mixed in Asia on Thursday.

Brent dropped 1.46% to $ 28.98, while WTI rose 0.04% to $ 25.30.

The U.S. Energy Information Agency (EIA) reported the first drop since January, with a 0.745 million barrel decrease in U.S. crude oil stocks. Investing. com estimates, expected an increase of 4,147 million barrels.

EIA also expects world oil demand to drop by 92.6 million barrels a day, down 8.1 million barrels a day, by 2020. The previous estimate was down 5.2 million barrels.

OPEC also reduced world oil demand in its monthly report Wednesday. The cartel is now expecting a drop of 9.07 million barrels this year, compared to its 6.85 million barrel loss estimate last month.

The second Covid-19 wave in China and South Korea continues to frighten investors that storage tanks will fill faster than expected as demand shrinks again.

“Fears are growing that stretched quarantine measures will trigger second-wave coronavirus infections,” Stephen Brennoc told PVBC at the PVM.

In other news, OPEC + announced that the cartel wants to extend the current cuts by the end of the year. Members will cut 9.7 million barrels in May and June, and will continue with 7.7 million barrels. The group’s next meeting will be held in Vienna in June.

“Let me tell you this, the rope-pull race between OPEC-led cuts and virus concerns will limit the price price increase,” added PVN’s Brennoc.


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