The prices of Petroleum They ended lower Thursday due to the increase in cases of coronavirus which threatens the reactivation of energy demand and the prospects of an increase in the supply of crude.
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 show cautious in the face of “weak demand and higher supply”, summarized Ipek Ozkardeskaya, analyst at Swissquote Bank.
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 deconfusion process, and even go back, ordering the closing of bars and restaurants.
“Market players are wondering when we will see the end of the tunnel, when the trend will change,” says Louise Dickson of Rystad Energy. “As the United States, Brazil and other countries continue to be hit by Covid-19, the demand is really at stake,” he said.
Furthermore, “the surplus is still huge in the world oil market,” said Carsten Fritsch and Barbara Lambrecht of Commerzbank.
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