Oil prices drop after China abandons target for 2020 GDP amidst coronavirus

The factors which could sustain oil recovery, 18 May 2020 10:06

However, "markets may be running ahead of the facts in thinking the economies will be back on track quickly once lockdown measures are lifted" and there's a risk WTI could drop in the short term, he said.

West Texas Intermediate crude oil, the US benchmark, pared gains to 3.60 percent, for a price of $33.11 per barrel, after rising as much as 5.57 percent before the data's release.

The global oil price benchmark, Brent crude, rose to its highest level since March on Monday as major oil producers cut their output levels and countries eased lock-downs.

At 10:42 GMT, July WTI crude oil futures are trading $31.80, down $2.12 or -6.25% and July Brent crude oil futures are at $34.18, down $1.88 or -5.21%.

Together with a tentative recovery in demand, that's made a repeat of last month's plunge below zero extremely unlikely before the expiration of the West Texas Intermediate June contract on Tuesday.

At the same time, the price of July futures for worldwide crude oil benchmark Brent crude rose 0.12 percent to $32.89 per barrel.

USA mulls 'nuclear option' as China threatens Hong Kong autonomy
The pandemic has changed a lot in this world but did not change the struggle over the rights of people in Hong Kong. China is seeking to pass a law that would ban "treason, secession, sedition and subversion" in Hong Kong.

WorldStage Newsonline- The Federal Government of Nigeria has commended the Saudi Arabian government over the voluntary reduction in its daily crude production by over one million barrel.

Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand from the world's second-largest user. Nothwithstanding the doubts over China's economic recovery and its deteriorating relationship with the US, oil demand in the Asian powerhouse is nearly back to pre-virus levels.

Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. The price signals that a USA supply glut that's sent benchmark oil spiraling in recent months may be diminishing.

That suggests broad compliance with a deal struck by members of the OPEC+ grouping to cut supply by a record 9.7 million bpd from this month in an effort to support prices.

Crude oil stocks in oil futures delivery location Cushing of Oklahoma showed a drawdown last week and will likely see another one this week, said Kim, adding that there is more confidence that the oil market will not run out of storage.

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