Crude oil prices have stayed low for four days in a row as concerns for a second wave is dragging the demand down.
The weak demand outlook could also prompt OPEC+ to delay the output deal Reuters say. The meeting of the ministerial panel of the Organization of the Petroleum Exporting Countries OPEC and allies together called the OPEC+ was optimistic with a promise of support to the oil market.
The output deal of 7.7 million barrels per day (BPD) remains to the end of the year and in January 2021, it will increase production by 2 million BPD.
Libya, whose output was almost completely shut earlier in the year is exempt from the cuts. The country production output from its biggest field, Sharara is now hiking daily. Since resumption, October 11, until now, it has put out about 150,000 BPD Reuters say.
It will increase to 70,000 bpd on another oilfield beginning October 24.
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In reflecting on prices, Brent crude oil would average $50 per barrel and WTI $47 in 2021 according to Bank of America. Its prediction for 2020 was that Brent and WTI would average $44 and $40 for per barrel respectively.
Crude Oil Market Today
Brent crude futures were higher 0.1%, at $42.67 a barrel in early trades and U.S. West Texas Intermediate (WTI) crude futures rose 0.3%, to $40.96.
Europe and North America are going into various degrees of lockdown measures with the new waves.
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