WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA
- Date: 15-Nov-2020
- Source: Arab News
- Sector:Oil & Gas
- Country:Middle East
WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA
WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA
WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA
Libyan supplies are increasing ahead of an easing of output cuts. (AFP)
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WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA
Updated 15 November 2020
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Oil prices registered a second weekly gain, even as the surge in COVID-19 cases worldwide tempered market optimism.
Both benchmark prices recovered above the $40 per barrel barrier. The week ended with Brent rising to $42.78 per barrel and WTI gaining to $40.13.
Earlier in the week, Brent approached $45 per barrel on hopes for an effective COVID-19 vaccine, which was the main support for prices.
However, the International Energy Agency (IEA) downgraded its demand