Oil: Deteriorating demand – ANZ
|Brent crude oil hovered around USD27/bbl, as stimulatory measures failed to impress the oil market amid deteriorating demand, economists at ANZ Bank inform.
Key quotes
“With lockdowns in many countries, expectations of oil demand contracting by more than 10mb/d are rising. Such demand loss will increase the supply glut.”
“Production increases by Saudi Arabia and Russia loom, and things still look uncertain due to the ongoing price war between these two countries.”
“The US Secretary Pampeo urged Saudi Arabia to reassure global energy and financial markets when the world faces serious economic uncertainty.”
“The latest weekly US inventories report showed an increase of 1.62m barrels, the highest since July.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.