Weekly Oil Recap: Brent Edge Lower After Two Weeks of Gains
Weekly Oil Recap: Brent Edge Lower After Two Weeks of Gains
The two international oil benchmarks ended the week on contrasting notes as Brent edged lower after two weeks of gains to $44.35 per barrel. Meanwhile, WTI advanced to $42.34 per barrel.
Still, the broader narrative of downward pressure on prices remained the same and oil remained steadfastly stuck in its current trading range.
The 21st OPEC Joint Ministerial Monitoring Committee (JMMC) meeting ended positively and emphasized the beneficial contribution of OPEC+ in rebalancing the global oil market.
Tellingly, prices did not rise in response to the latest demonstration of the group's continued commitment to output cuts, which perhaps reflects wider concerns about the pace of recovery from the coronavirus pandemic and the danger of a second wave. US crude oil exports to China will hit a record in September.
It coincides with lower refining
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