The crude oil market may soon be in an oil glut era.

Crude oil prices ended the trading session w / w on a bearish note, with losses of over 6% on the grounds that oil traders continued to worry about the outlook for energy demand, as well as US crude A weekly surge in inventories raised fears. That the energy market may soon be in an oil glut era.

A major Saudi Arabian oil producer has recently lowered the official selling price on its Asian crude grade to China, leaving no room to store excess oil supplies in the world's second-largest economy, crude oil The price level in the case of Brent crude to break below the $ 40 support to the bear.

Related Article: PM Modi on Sunday dedicated three petroleum sector projects

More recently, Trafigura ordered a capacity of about 24 million barrels of oil, with a capacity of 12 heavy oil tankers, to have space for crude oil storage, falling global gasoline demand on macro and COVID-19 attack Still prominent are the headlines, leading to greater sales pressure on other major oil dealers, including black hydrocarbon derivatives, including Lukoil, Vitol, Royal Dutch Shell plc. 18 large tankers are also kept for storage.

In the latest monthly report of the Organization of Petroleum Exporting Countries, the bull's roar is being called off, suggesting that global oil demand will decline to 9.06 million barrels per day instead of 8.95 million barrels per month, which was expected a month ago.

While many oil traders wonder, we are in a period of peak demand for fossils, the rise of renewables is making it easier to raise money than fossil fuel-based firms, which have reduced the height of fossils in recent times among investors Is showing

Related Article: US oil company attempts to load crude from the Libyan port

A growing concern because of the havoc of the oil bulls is that the slow driving of gasoline demand may worsen in the winter month, as the Northern Hemisphere moves under the roof.

Oil traders are prejudiced that recent price reforms in the crude oil market have continued for a long time, a slowing gasoline demand recovery, and rising supply in the short term.

Related Article: CPI-M opposes Centre's move to privatize Bharat Petroleum

Post a Comment