15.06.2020 WTI Daily Analysis

15.06.2020 WTI Daily Analysis

Oil drop above 2% at the start of the day, continuing losses from last week as new cases of COVID-19 hits China and the US raising the prospects that renewed outbreaks of the coronavirus could weigh on the recovery of fuel demands US West Texas Intermediate crude futures were down 3.3% ($1.18) to $ 35.08 a barrel, Brent Crude futures fell by 2.3% (89 Cent) to $37.84 a barrel. The industrial output from China, the world’s biggest crude oil importer increased for a second consecutive month in May but new as projected. This is suggesting that China, the world’s second-biggest economy is strolling to get back on track after containing the coronavirus. A monitoring panel led by OPEC is set to meet later this week on Thursday to discuss ongoing record production cuts and see whether countries have delivered their share of the reduction but will not make any decision, as stated by five OPEC sources.