The OPEC+ production cuts are starting to show their desired effects as global oil inventories start to fall, and oil clocked its best quarter in 30 years.
Crude Oil prices are rising and demand is increasing as production cuts continue.
Oil prices opened Sunday night lower, on rising Covid-19 concerns but are rallying back hard on reports of strong global demand.
While U.S. banks passed their stress tests, oil traders may not. Caution is weighing on market sentiment and offsets all the good news about faster than expected oil demand recovery.
Just when you thought it was safe to go back in the water, Covid-19 concerns again are weighing on market sentiment and hurting prices for oil and products.
Fears that a trade war could slow that improvement is making markets nervous even though the Trump administration is leaving some time to negotiate a trade truce.
Despite new Covid-19 cases and a Chinese trade war scare from White House trade advisor Peter Navarro, oil keeps rolling along.
U.S. stocks are rising as fears that a step backward when it comes to the war Covid-19 seems to be easing, but movement by Brent Crude Oil futures suggests a tightening global oil market.
The comeback in demand is a testament to the impact of global economic stimulus and its effectiveness in healing the global economy. Increased oil demand should give hope that it’s signaling a big rebound in economic growth later this year.
Covid-19 fears overshadowed yesterday's very supportive EIA status report while OPEC warns that the oil market will remain in surplus for H2 2020