Oil prices ended lower this Thursday due to the increase in coronavirus cases that threatens the reactivation of energy demand and the prospects of an increase in the supply of crude oil..
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In London, the North Sea barrel of Brent for delivery in September lost 2.17% to $ 42.35. Meanwhile in New York, the barrel of WTI for delivery in August fell 3.1% to $ 39.62. Investors are cautious about the prospect of “weak demand and higher supply”, summarized Ipek Ozkardeskaya, analyst at Swissquote Bank.
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The explosion of new cases of coronavirus in the southern and western United States in particular, threatens the revival of the world’s largest economy and largest consumer of black gold. Several states had to suspend the deconfiguration process, and even go back, ordering the closure of bars and restaurants.
“Market players are wondering when we will see the end of the tunnel, when the trend is going to change,” says Louise Dickson of Rystad Energy. “As the United States, Brazil and other countries continue to be hit by covid-19, demand is really at stake,” he said. Also, “the surplus is still huge in the world oil market”, destacaron Carsten Fritsch y Barbara Lambrecht, de Commerzbank.
AFP
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