Oil has little room to rise in Q4 – Vitol

Omkar Godbole FXStreet Contributor

Vitol, the world's biggest independent oil trader, sees little scope for oil rally in the fourth quarter as global demand is slowing due to new coronavirus-related restrictions, according to Bloomberg.

"The conventional wisdom going into the fourth quarter was that things were going to improve," Vitol Group executive committee member Chris Bake said during a conference call hosted by Dubai consultant Gulf Intelligence, and added that, "it doesn't feel like we have a huge catalyst and demand is more uncertain."

Several European nations have recently reimposed restrictions on travel and social gathering due to a resurgence of coronavirus cases across the continent.

Brent oil is currently trading near $40, having declined from $43.78 to $36.13 in the nine trading days to Sept. 8.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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