20 Jul 2020

JBC in the Media - The National

Oil slips as rising global virus toll causes uncertainty over demand

“‘Crude futures were little changed both day-on-day and week-on-week. In fact, crude prices were amazingly serene considering that Opec+ confirmed their plan to hike crude output by some 2m bpd from the start of August, while oil demand uncertainty still prevails across the short, medium and long term, courtesy of the coronavirus pandemic,’ JBC Energy said in a note on Monday.”

“‘The US is now responsible for almost 30 per cent of global new infections over July to date, while India is contributing a further 13 per cent. The key question now is how much longer governments will wait before implementing new lockdown measures, and just how strict these will be,’ JBC said in its report.”