WEEKLY ENERGY RECAP: Oil slides

  • Date: 13-Sep-2020
  • Source: Arab News
  • Sector:Oil & Gas
  • Country:GCC
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WEEKLY ENERGY RECAP: Oil slides

WEEKLY ENERGY RECAP: Oil slides

WEEKLY ENERGY RECAP: Oil slides

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WEEKLY ENERGY RECAP: Oil slides

Updated 13 September 2020

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Crude oil prices slid for a second consecutive week amid fears of a severe second wave of COVID-19 that clouded the short-term demand outlook.

The end of the US summer high driving season, lower refining margins, lower Chinese crude oil imports and a stronger dollar have added to the down price momentum.

Brent crude retreated to $39.83 per barrel and dipped below the $40 barrier for the first time since June. WTI crude fell to $37.33 per barrel. 

The spread between the two measures narrowed to $2.50 per barrel.

Brent has traded in a narrow band of $4 per barrel for three months, dropping more than $6 per barrel in only two weeks. Despite remaining within this