On Friday, Eastern Time, international oil prices closed slightly lower. As of the close, New York's August crude oil futures closed down $0.33, down 0.81%, at $40.32 per barrel. Brent's September crude oil futures closed down $0.36, or 0.83%, at $42.78 per barrel.
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market trading is light, US oil may struggle to defend the $40 mark OPEC "credit" is still quite good!
In a recent research report, due to the new coronavirus epidemic, international rating agency Moody's turned to bear the prospect of growth in crude oil demand, believing that global crude oil demand may have peaked in 2019 as the new coronavirus increases the risk of behavioral changes. OPEC member states hit the lowest crude oil output in nearly 30 years in June, responding to the decline in demand and oversupply caused by the coronavirus. OPEC's daily crude oil production fell to 22.69 million barrels in June, the lowest level since 1991, according to famous macro analyst Yeron Brockland. (Source: Huitong.com)
Goldman Sachs : Global oil demand will return to pre-crisis level by 2022 will return to pre-crisis level
Goldman Sachs said on Thursday that with the opening of the economy, the increase in work commuting, the use of private transportation tools, and the government's increase in investment in infrastructure will help global oil demand return to pre-epidemic levels in 2022. Goldman Sachs predicted in a report that oil demand is expected to fall by 8% this year, while rebounding by 6% in 2021 and returning to pre-pandemic levels in 2022. (Source: Golden Headlines)
The US shale industry has a new round of bankruptcy and restructuring
Deloitte In the report, it pointed out that due to multiple factors such as lower oil prices, reduced demand, tight capital, debt burden and the COVID-19 epidemic, the living space of US shale companies has been compressed. "Unlike previous recessions, these effects are now occurring simultaneously, increasing the risk of shale business bankruptcy and putting huge pressure on the entire industry," the report emphasized. (Source: China Energy News )
(Article source: Oriental Fortune Research Center)
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