Oil’s worst turbulence since ‘Black April’ has passed, the IEA says, even as coronavirus cases surge and inventories grow
- The worst of the oil market downturn from the coronavirus pandemic has passed, according to the International Energy Agency.
- That outlook comes despite a resurgence in coronavirus cases and a massive crude oil inventory build-up.
- The IEA said reimpositions of lockdowns in North and Latin America have been “casting a shadow” over its outlook for the second half of 2020, when it expects global oil demand to be down by only 5.1 million barrels a day.
- The oil market has made some headway since “Black April,” when prices turned negative for the first time.
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Global oil demand tumbled by 10.75 million barrels a day in the first six months of the year, and is expected to decline by half that number at 5.1 million barrels a day in the remainder of the year, compared to last year, the agency said.
But a resurgence of new coronavirus cases is clouding its …continued .
[Source: Business Insider]