Oil rises, with support from the International Energy Agency raising demand expectations

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Oil rises with the support of the International Energy Agency raised demand expectations, today, Friday, July 10, 2020 09:48 pm

Oil prices increased by more than 2% today, Friday, after the International Energy Agency raised its forecast for demand in 2020, but increasing incidence of coronavirus in the United States in record numbers undermined expectations for a rapid recovery in fuel consumption. Prices also supported after data showed that US energy companies reduced the number of operating oil and gas rigs to a record low for the tenth week in a row.And Brent crude was settled by an increase of 89 cents, or 2%, to $ 43.24 a barrel, and the settlement of US crude was an increase of 93 cents, or 2.4%, to $ 40.55 a barrel.

Oil prices also supported the rise of stocks. A batch of economic data indicated a recovery in US business activity in June.

On a weekly basis, US crude remained little changed, while Brent achieved a weekly gain of about 1%.

The Paris-based agency raised its demand forecast to 92.1 million bpd, up 400,000 bpd from its forecast last month, attributing this to a lower-than-expected pace in the second quarter of the year.

More than 60,500 new cases of corona were reported in the United States on Thursday, setting a new record. The number is also the largest daily for any country since the virus appeared in China late last year.

Prices had fallen earlier in the session after the National Oil Corporation of Libya announced that it had raised the state of force majeure it imposed on all oil exports, after half a year of blockade by forces from the east of the country.

Oil stocks are still in glut due to the dissipation of the demand for gasoline, diesel and other fuels during the initial outbreak of the pandemic.

US oil stocks rose by nearly six million barrels last week after analysts expected it to drop by about half of that number.







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