Tue. Oct 27th, 2020

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Oil prices are anchored

1 min read

Crude oil

Oil prices were steady on Wednesday on concerns that fuel demand will continue to falter as rising coronavirus cases across Europe and in the United States, the world’s biggest oil consumer, could impede economic growth.

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday that oil demand in 2021 will rise by 6.54 million barrels per day (bpd) to 96.84 million bpd, 80,000 bpd less than its forecast a month ago, as a result of the economic dislocations caused by the coronavirus pandemic.

Brent crude futures for December fell by 8 cents, or 0.2%, to $42.37 a barrel by 0142 GMT while U.S. West Texas Intermediate futures were down 9 cents, or 0.2%, to $40.11.

U.S. crude oil inventories were seen falling last week, while distillate stockpiles likely declined for a fourth week.

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