Oil is on track to report its biggest weekly drop since June amid various demand concerns.
Reuters recently reported that Brent crude LCOc1 was up by $0.05 (0.1%) to $44.12 a barrel while US West Texas Intermediate (WTI) CLc1 fell $0.03 to $41.34 a barrel. According to the agency, Brent crude LCOc1 is heading for a 2.3% drop this week and WTI CLc1 is set for the first weekly drop in five weeks. “Demand concerns are firmly front and center of traders’ minds,” said PVM oil broker Stephen Brennock. “Today’s non-farm US payroll report will be closely watched, and a disappointing number could be the next bearish catalyst.” Since the start of the COVID-19 pandemic in March, worldwide demand has fell by one-third. So far, gasoline use has rebounded faster compared to that of distillates. Despite low demand, middle distillate stocks at Singapore jumped 11.6%. This was their highest in more than nine years in the week ending September 2. FGE analysts said that rising cases of COVID-19 infections globally and renewed lockdowns would dash hopes of a fall in oil stocks for some time.
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