{"id":22127,"date":"2020-06-22T10:57:57","date_gmt":"2020-06-22T10:57:57","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=22127"},"modified":"2020-06-22T10:58:04","modified_gmt":"2020-06-22T10:58:04","slug":"oil-prices-fall-as-demand-fears-outweigh-tighter-supply-bonny-light-gains-2-75","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=22127","title":{"rendered":"Oil prices fall as demand fears outweigh tighter supply, Bonny Light gains 2.75%"},"content":{"rendered":"\n
\"Oil<\/figure>\n\n\n\n

Oil prices weakened on Monday over worries that a record increase in coronavirus cases globally might halt a rally in fuel demand, outweighing tighter supplies from major oil-producing countries.<\/p>\n\n\n\n

Brent crude<\/a> slid by 10 cents or 0.2% to $42.04 per barrel at 07:55 West Africa Time while U.S. West Texas Intermediate<\/a> (WTI) went down by 11 cents or 0.3% per to $39.72 per barrel.<\/p>\n\n\n\n

Nigeria\u2019s Bonny Light<\/a> had appreciated by $1.12 or 2.75% to $41.80 a barrel at the last session while Qua Iboe<\/a>, another major national grade, climbed higher by $1.61 or 3.97% to $42.12.<\/p>\n\n\n\n

Brent and WTI advanced by nearly 9% last week, with the former flipping to backwardation, a situation whereby the spot or cash price of a commodity is higher than the forward price.<\/p>\n\n\n\n

\u201cThe market has entered a slight backwardation up to October. It times in with some of our estimates that by around November, the market could get really tight.<\/p>\n\n\n\n

\u201cI find it more difficult for oil to move higher at this point, especially with the growing concern about second-wave contagion,\u201d Howie Lee, an economist at Singapore\u2019s OCBC Bank, told Reuters.<\/p>\n\n\n\n

The number of operating oil and gas rigs crumbled to a record low last week in Canada and the U.S., even as higher oil prices impel a couple of producers to start drilling again.<\/p>\n\n\n\n

The OPEC+ group, comprising the Organisation for the Petroleum Exporting Countries and its allies, including Russia, is yet to decide whether to sustain a record supply cut of 9.7 million barrels per day for a fourth month in August.<\/p>\n\n\n\n

Iraq and Kazakhstan, nevertheless, vowed to comply better with output cuts during an OPEC+ panel meeting that held Thursday.<\/p>\n\n\n\n

Oil prices have similarly received a boost from a recovery in fuel demand worldwide after a collapse between April and May during coronavirus lockdowns, as countries around the world resume economic activities.<\/p>\n\n\n\n

Yet, the World Health Organisation reported a surge in global cases on Sunday, with the highest increase seen in North and South America.<\/p>\n\n\n\n

\u201cThe potential economic damage of a new round of COVID-19 countermeasures will likely contain any investor enthusiasm,\u201d said Michael McCarthy, chief market strategist at CMC Markets.<\/p>\n\n\n\n

Spikes in cases in some regions including Beijing, the Chinese capital, and Victoria, Australia\u2019s second-most populous state, have triggered curbs on movement to contain spread.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices weakened on Monday over worries that a record increase in coronavirus cases globally might halt a rally in fuel demand, outweighing tighter supplies from major oil-producing countries. Brent crude slid by 10 cents or 0.2% to $42.04 per barrel at 07:55 West Africa Time while U.S. West Texas Intermediate (WTI) went down by 11 cents or […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nOil prices fall as demand fears outweigh tighter supply, Bonny Light gains 2.75% » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=22127\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=22127#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Oil prices fall as demand fears outweigh tighter supply, Bonny Light gains 2.75%\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices fall as demand fears outweigh tighter supply, Bonny Light gains 2.75% » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=22127","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=22127#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Oil prices fall as demand fears outweigh tighter supply, Bonny Light gains 2.75%"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Oil prices weakened on Monday over worries that a record increase in coronavirus cases globally might halt a rally in fuel demand, outweighing tighter supplies from major oil-producing countries. Brent crude slid by 10 cents or 0.2% to $42.04 per barrel at 07:55 West Africa Time while U.S. West Texas Intermediate (WTI) went down by 11 cents or…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/22127"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22127"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/22127\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}