Mixed outlook on local O&G industry


Dateline 2020-08-05, The Star:

 A fresh wave of coronavirus (Covid-19) cases could see prolonged low crude oil prices as demand for fuel is plunging due to longer movement restriction globally.

Brent crude oil slid 68 cents to US$43.47 a barrel yesterday, while the US crude oil West Texas Intermediate (WTI) fell 65 cents to US$40.36 after two weeks of rally.

Crude oil prices have been on a three-month rally on improved sentiment but oil prices have been stuck near US$40 per barrel as the recovery in prices have been stalled on concerns that Saudi Arabia may cut its selling prices and the resurgence of Covid-19 infections cast doubt about sustained recovery in oil consumption.

…

This entry was posted on Saturday, September 19th, 2020 at 6:19 am and is filed under oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

Gravatar
WordPress.com Logo

You are commenting using your WordPress.com account. ( Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. ( Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. ( Log Out /  Change )

Cancel

Connecting to %s

%d bloggers like this: