Fri. Sep 25th, 2020

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Oil price dropped due to muted demand

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Oil prices slipped on Friday, on track for a weekly loss, as investors’ focus shifted to lackluster demand and ample fuel supplies, offsetting support from a weak dollar.

Brent crude fell 19 cents, or 0.4%, to $43.88 a barrel by 0034 GMT, heading for its biggest weekly loss since June.

US West Texas Intermediate was at $41.17 a barrel, down 20 cents, or 0.5%, set to post its first weekly drop in five weeks.

The volume of crude arriving in China, the world’s largest crude importer, is set to slow in September after rising for five straight months as its refiners gradually digest bloated inventories, according to data on Refinitiv Eikon.

In the United States, refiners awash in diesel inventory are unlikely to boost output soon.

Production cuts led U.S. gasoline inventories to fall at a “manic” pace in the past two months, even though U.S. mobility indicators suggest that driving patterns have largely plateaued over the past 6-8 weeks, he added.

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