Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy recovers from the ravages of the pandemic, but excess refining capacity is likely to weigh on the outlook
Goldman Sachs said that with soaring global gas prices, a colder winter in Europe and Asia could in turn boost demand for oil, putting upside risk of $5 per barrel for its Brent price forecast in the fourth quarter of 2021 of $ 80 a barrel
Oil prices steadied after four days of declines, with investors still worried about the outlook for fuel demand as the use of rail, air and other forms of transport is constrained by surging COVID-19 cases worldwide
IEA’s monthly report said rising demand for oil reversed course in July and was set to proceed more slowly for the rest of the year after the latest wave of COVID-19 infections prompted countries to bring in restrictions again
Oil prices rose more than $1, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries
Oil prices fell by 4%, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand
Oil prices will trade near $70 per barrel for the rest of the year supported by the global economic recovery and a slower-than-expected return of Iranian supplies, with further gains limited by new coronavirus variants, a Reuters poll showed
The OPEC has pumped 26.72 million barrels per day (bpd), the survey found, up 610,000 bpd from June’s revised estimate. Output has risen every month since June 2020 apart from in February
Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said
