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According to novel coronavirus pneumonia cases reported in August 4th, the Arab News reported that the global new crown pneumonia cases were increasing, and OPEC and its allies expected to cut production scale, which caused worries of oversupply. While the positive data of manufacturing in Europe and Asia offset these negative effects, oil prices stabilized. The News Report showed that the new situation of the New Zealand cap is a major threat.
Brent crude rose 5 cents, or 0.1%, to $43.57 a barrel, while West Texas Intermediate rose 6 cents, or 0.1%, to $40.33 a barrel. The price of Brent crude oil has been fluctuating between $41 and nearly $45 a barrel in the past month.
“Oil continues to trade within incredible range volatility,” said Warren Patterson, head of commodity strategy at ing. Speculators seem to be more and more worried about the demand recovery. In the second half of this year, the process of demand recovery is much slower than the market expected. ”
Coronavirus cases continue to rise in the United States, reaching nearly 18 million worldwide. More countries have implemented new or expanded existing restrictions to try to control the epidemic. Despite the slow recovery in fuel demand in the wake of a resurgence of the virus, investors are still worried about oversupply as OPEC and its allies are ready to ease oil supply cuts from August.
Harry tchilinguirian, head of commodity research at BNP Paribas, said: “the market seems to be starting to worry that OPEC’s increase in production will coincide with a recovery in unbalanced oil demand. ”
Since May, OPEC + has cut 9.7 million barrels of oil a day. Starting from this month, the daily reduction of crude oil production will be officially reduced to 7.7 million barrels until December.
On August 1 and 2, Russian condensate production rose to 9.8 million barrels a day from 9.37 million barrels in July, a source said on Monday.
Oil prices fell earlier in the day, but gained some support after a survey showed manufacturing activity in the eurozone expanded for the first time since early 2019 last month, according to a survey. Positive manufacturing data in Asia also helped support oil prices.
Oil prices will climb slowly this year as the gradual easing of restrictions triggered by the coronavirus will boost demand, but a second wave of new coronavirus outbreaks may slow the pace of recovery, according to a Reuters survey on Friday.