Published: 14-May-2020 | Published By: Market Research Store
Excessive supply of oil and the economic gloom as a result of the outbreak of the pandemic has caused the oil prices to drop on Monday. As an effect of the above conditions, the global top oil producers have cancelled out their support from the supply cuts.
U.S. West Texas Intermediate crude futures dropped 17 cents (0.75%), to $24.57 a barrel, whereas Brent crude futures fell 29 cents (0.9%), at $30.68 a barrel.
Both the benchmark have showcased gains in the past 2 weeks as many of the regions were coping up with the COVID-19 situations by easing down their social lockdowns and businesses. It is observed that the oil production on the global platform has decreased to a great extent.
The signs of the second wave of the infections from coronavirus in the South Korea and the northeast China have made the investors to worry. Looking into the conditions faced by these countries other countries have pivoted to ease the restrictions in moves that may have supported the oil demand.
Analysts have stated that the demand for oil and gas will continue to remain weak until 2021. This is because there is still a fear about the second wave of coronavirus infections which will affect the world in many terms.
The global oil demand has dropped drastically by 30%, which resulted in worldwide building up of inventories. It is doubted that the US is facing shortage of storage spaces which has augmented the WTI prices to crash negatively. As a result, many of the oil and gas rigs in world’s largest oil producer dropped to 74 last week.
The latest report on the global oil and gas supply market published by the Market Research Store displays all the latest updates about the oil and gas industry. This is mainly due to the outbreak of the pandemic that the market is facing issues.
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