IEA: Oil market more fragile as resurgent virus hurts demand

SourceEmirates Business
SectorOil & Gas
CountrySaudi Arabia

Bloomberg The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency (IEA) said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories — which rebounded to record levels in July — won’t subside as sharply as anticipated. “We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved,” the Paris-based agency said in its monthly report. “The path ahead is treacherous amid surging Covid-19 cases in many parts of the world.” Oil prices are trading below $40 a barrel in London, close to their lowest in more than two months, ...read more...