Oil slides on COVID-19 resurgence, strong USA dollar

Oil prices continue decline as US producers ramp up production after Hurricane Delta

Analysts polled by S&P Global Platts expected the EIA to report a drop of 2.3 million barrels in US supplies for the week.

Oil prices fell on Monday as force majeure at Libya's largest oilfield was lifted, a Norwegian strike affecting production ended and USA producers began restoring output after Hurricane Delta.

Following an upbeat week, crude oil stocks again added a positive tone as crude oil inventories dropped another unexpectedly large 3.88 million bbls vs a predicted 2.1 million decline.

Disclaimer:Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate.

Oil markets climbed for a third day despite a resurgence in COVID-19 infections across Europe potentially denting fuel demand.

Meanwhile, Goldman Sachs said the outcome of US elections would not impact its bullish oil and natural gas outlook and that an overwhelming Democratic victory could be a positive catalyst for these sectors.

"There is a risk that the demand recovery is stalled by the recent increase in COVID-19 cases in many countries", the International Energy Agency said on Wednesday.

On the supply side, crude oil production in the US Gulf of Mexico continued to recover four days after Hurricane Delta made landfall with the amount shut falling to 44% on Tuesday from 69% on Monday.

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Brent may retreat to $42.55 per barrel, after failing to break a resistance at $43.44, Reuters technical analyst Wang Tao said on Thursday.

Crude traders on Friday were rattled by a confidential document from the Organization of the Petroleum Exporting Countries (OPEC) that discussed the possibility of the second wave of Covid pushing the oil market into surplus next year - and as a result, prices on Friday dipped, albeit minimally - and not enough to prevent a second week of gains.

Brent rose 0.2% for the week, while WTI was on track to gain 0.7%.

(Fuel Oil, means 380 HS plus VLSFO together).

Above indications are based on Oil Future close last night 14th October.

However, headwinds remains to this optimistic view that if sanctions are pulled off from Venezuela or Iran, they might re-emerge as a significant oil exporter, it might put pressure on prices and can force adjustment in production for the three big oil producers and likely a reduction in through cycle prices which can push additional pressure on prices and bring back glut fears and push prices to levels of $35.

The poll was conducted ahead of reports from American Petroleum Institute and the Energy Information Administration.

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