Oil: No respite for the crude market – ANZ
|There was no respite for the oil market, as the US administration dropped the plan to buy 30mbbl of oil for its strategic reserve, per ANZ Bank. WTI trades at $23.682.
Key quotes
“The Energy Department said it is withdrawing the first part of the plan to purchase 77mbbl for the reserve.”
“Investors continued to fret over the growing concerns of demand destruction due to the pandemic-related shutdowns. Asian demand is falling as India also announced a lockdown for 21 days. This will reduce the oil demand from refiners.”
“Investors seem worried about running out of storage capacity for oil in a backdrop of falling demand.”
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.