Oil market mulls demand risks
Crude price comes under pressure from concerns over a second coronavirus wave just as Opec+ considers loosening the supply taps. But are the worries overdone?
The Nymex WTI crude contract dipped back below $40/bl on Tuesday morning, while Ice Brent struggled to hold its ground above $42.50/bl. Fears that a resurgence of Covid-19 in the US might take a chunk out of demand just as Opec+ announces a relaxation of production cuts at its Wednesday meeting set the bearish tone. The concern is understandable—the UKs’ Office for National Statistics (ONS) released figures on Tuesday morning that showed the country’s economy rebounding more slowly than expected in May, emphasising he fragility of demand. But there are also more positive demand-side factors of that traders should be mindful beyond the headlines coming out of large US states. Production boost
Also in this section
14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
