Oil Down With COVID-19 Continuing to Dampen Demand…LIVE NEWS UPDATE BY ROYAL TRADERS


Oil was down on Thursday morning in Asia, with ever-increasing numbers of COVID-19 cases continuing to hinder investor confidence in the global economic recovery.

Brent oil futures dropped 0.12% to $43.23 by 11:51 PM ET (4:51 AM GMT) while WTI futures slid 0.20% to $40.82.

“The market is struggling to get strong conviction to the upside at the current point in time,” Lachlan Shaw, head of commodity research at National Australia Bank (OTC:NABZY) told Reuters.

“There’s mixed evidence on demand.”

The U.S. Energy Information Administration (EIA) recorded a 5.654-million-barrel surplus, considerably more than the 3.114-million-barrel draw forecasted. The surprise build prompted OPEC+ to press on over-producers such as Iraq and Nigeria, to improve their compliance with supply curbs.

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