Oil slips as surge in virus cases clouds demand recovery

  • Date: 28-Sep-2020
  • Source: Gulf Today
  • Sector:Economy
  • Country:GCC
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Oil slips as surge in virus cases clouds demand recovery

Private banks to finance Naya Pakistan Housing Scheme

More crude is also being exported from OPEC producers Iran and Libya despite efforts by the Organization of the Petroleum Exporting Countries and their allies to limit output.

Last week, US energy firms also added oil and natural gas rigs for a second week in a row, according to Baker Hughes.

Still, OPEC Secretary General Mohammad Barkindo said on Sunday that commercial oil inventories in OECD countries are expected to stand only slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year.

The one factor that may offer some support to the market is the prospect of strike action, ING analysts said.

In Norway, one of the largest oil