Oil in reverse as crude stock build fans oversupply fears

29 Octobre, 2020, 21:20 | Auteur: Auguste Feret
  • Crude price declines mirrored downturns in other risk-asset markets as US stock indexes were all lower

Oil prices went into reverse on Wednesday, giving up previous day's gains as a surge in U.S. crude stocks and rising coronavirus infections in the United States and Europe fanned fears of a supply glut and weaker fuel demand.

Brent futures fell US$2.08, or 5.1 per cent, to settle at US$39.12 a barrel, while US West Texas Intermediate (WTI) crude fell US$2.18, or 5.5 per cent, to US$37.39.

That was the lowest for Brent since October 2 and the lowest for WTI since October 5.

Crude price declines mirrored downturns in other risk-asset markets, as U.S. stock indexes were all lower, with the S&P 500 down 2.9 per cent. The stronger dollar makes oil more expensive for holders of foreign currencies, which traders said weighed on crude prices.

Meanwhile, the United States, Russia, France and other countries have registered record numbers of COVID-19 cases in recent days and European governments have introduced new curbs to try to rein in the fast-growing outbreaks.

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Oil prices regained a semblance of stability on Tuesday after suffering sharp losses over the previous session and last week, as a resurgence of coronavirus cases globally hit prospects for crude demand while increasing supply also hurt sentiment.

US President Donald Trump acknowledged on Tuesday that a coronavirus economic relief package is likely to come after the presidential election, with the White House unable to bridge differences with fellow Republicans in the US Senate as well as congressional Democrats.

Libyan production is expected to reach 1 million barrels per day (bpd) in the coming weeks, the country's national oil company said on Friday, a quicker return than many analysts had predicted.

ETAuto " Crude oil is under pressure from the increase in COVID-19 cases, especially in Europe, and a larger than expected API storage build", said Robert Yawger, director of energy futures at Mizuho in NY.

Prices got some support from the potential drop in USA production as oil companies began shutting offshore rigs with the approach of a hurricane in the Gulf of Mexico.

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