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The OPEC, and the International Energy Agency (IEA), and the Energy Information Administration (EIA) are now forecasting a more rapid drop in crude oil demand after the new rise in COVID infections in many countries.
The rise and fall in the crude oil market, demand and prices in 2020 are backed by more than just the pandemic and rise in COVID-19 infection rates. There is the ambition to increase oil production and for some, the failure to maintain the production cuts.
Having successfully implemented production cut, for a moment, it seemed like oil prices were rebounding from excess and falling prices. A deal which Libya made last week will see the country open most of its oil export terminals. They are also about to top up production and supply.
The Financial Times estimates that the increase could yield 600,000 barrels within a month from the current production of 100,000 barrels per day. The increase in production is happening at a time that the outlook of oil demand is probably clearer than ever. The economic state of many countries around the world suggests a slow recovery.
WTI Today
Crude oil prices in the US is falling today after inventory data from EIA shows a rise of 1.6 million in the previous week. The West Texas Intermediate (WTI) fell by 0.65% and trades at $39.67 today.
Brent Oil Today
Brent crude oil has fallen further the last days and data show that it could continue in that trend. The price of Brent crude fell by 0.45% and is trading at $41.50 today.
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