Oil prices fall as demand woes eclipse US stimulus

Oil prices rally on hopes for US stimulus

Brent crude was down 17 cents, or 0.6 per cent, to $26.98 a barrel, at 09:10 a.m. GMT.

The latest round of weekly USA oil reports are expected to show crude inventories rose for a ninth straight week.

Oil prices continued their rally into Wednesday morning in Asia after the American Petroleum Institute (API) reported a drop in the US crude oil supply.

"Increased volatility, diminishing effect of ever lower prices on USA tight oil supplies and potentially more clarity on the size of demand destruction due to COVID-19 spread, are other factors that might nudge Russian Federation in that direction", it added.

U.S. weekly gasoline product supplied - a proxy for demand - dropped 859,000 barrels per day (bpd) to 8.8 million bpd last week, the biggest decline since September 2019, according to the U.S. Energy Information Administration.

American benchmark West Texas Intermediate was at $24.86 a barrel at the same time for a 3.54% gain after ending the previous session at $24.01 per barrel.

SBA deferring existing loans through end of 2020
You can also search for your bank on the American Bankers Association's ongoing A-Z list of coronavirus response programs. Chris Swedzinski, R-Ghent, were encouraging local businesses facing hardships to seek relief through the loan program .

Following the United States Federal Reserve's announcement of unprecedented measures to boost the economy on Monday, the U.S. Senate looked close to reaching an agreement on a massive stimulus package on Tuesday.

Crude inventories rose by 1.6 million barrels in the most recent week.

India, the world's second most populous country and the third largest oil consumer, has entered a 21-day government enforced lockdown.

"The extreme imbalance between supply and demand due to the travel restrictions has only just begun to unfold in the physical markets, and the true impact will be felt in the coming weeks", said Rystad Energy's head of oil markets, Bjornar Tonhaugen, in a note.

It joined several other banks in slashing their oil price forecasts on account of the collapse of an output curb deal amongst members of the Organization of the Petroleum Exporting Countries and allies, or OPEC+, as well as the demand hit from the virus.

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