OPEC+ panel: Uncertainties may impact oil demand recovery – Reuters

Dhwani Mehta FXStreet

OPEC and its allies (OPEC+) are worried about the demand recovery for oil due to rising coronavirus infections and lockdown measures worldwide, Reuters reports, citing a report from the group’s experts panel meeting held on Tuesday.

“Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognizing that prevailing volatility in the market structure is a signal of fragile market conditions,” the panel said in the report.

Market reaction

WTI is heading higher, flirting with the $61 mark, as it ignores the concerns raised by the OPEC+ panel.

All eyes remain on the OPEC+ a ministerial meeting on Thursday to decide oil output policy.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trims losses and returns to the 1.1750 area

The US Dollar resumed its decline in the American afternoon, helping EUR/USD trim early losses. The pair trades around 1.1750 as market participants gear up for the European Central Bank monetary policy decision and the United States Consumer Price Index.