In the early hours of the 15th Beijing time, crude oil futures closed lower on Friday, in part because some important organizations released pessimistic expectations of global demand this week. But crude oil futures continued to gain this week as US crude oil inventories fell.
Michael Hewson, chief market analyst at CMC markets UK, said: “the US Energy Information Agency (EIA), the organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) all lowered their energy demand expectations this week.”
global oil demand is expected to shrink by 8.1 million barrels a year to 91.9 million barrels a day in 2020, the IEA said in its monthly report released on Thursday.
OPEC said in its monthly report released on Wednesday that global oil and liquid fuel demand will drop by 9.1 million barrels a day to 90.6 million barrels a day in 2020.
the EIA’s monthly report on Tuesday predicted that global oil demand would be 93.1 million barrels per day in 2020, down 8.1 million barrels compared with 2019.
Marshall steevs, energy market analyst at IHS Markit, said: “the demand outlook is still seriously affected by the coronavirus epidemic, and the stalemate in Washington over the fiscal stimulus plan for the relief of the epidemic has also brought uncertainty to the oil price outlook.”
WTI futures for September delivery on the New York Mercantile Exchange fell 23 cents, or 0.5%, to $42.01 a barrel.
Brent crude oil futures for October delivery on the Intercontinental Exchange of London fell 16 cents, or 0.4%, to $44.80 a barrel.