Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August.
FILE PHOTO: Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. REUTERS/Stringer
Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the U.S. Energy Information Administration reported a sharp, unexpected 10.6 million barrel drop in crude stockpiles last week. “It wasn’t all good news, with signs that demand is still struggling to grow,” ANZ analysts said in a note.
“As long as we’re recording new daily cases, the risk for oil demand is just too strong,” said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia.
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