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.

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