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Oil remains steady as the coronavirus balances increasing gasoline demand

by Bunkerist
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Despite concerns about renewed coronavirus lockdowns in the United States, signs of improvement in gasoline demand  keep oil price in balance.

The market focuses on the meeting that the Organization of Petroleum Exporting Countries (OPEC) and its allies will do on July 15th.

Brent crude futures were up 5 cents, or 0.12%, to $43.34 by 1139 GMT, after gaining 0.5% on Wednesday, while West Texas Intermediate (WTI) crude futures dipped 14 cents, or 0.3%, to $40.76, after rising 0.7% the previous day.

It is said that if an increase in coronavirus cases happen after this week, the existing support will disappear.

The data showed that US gasoline stocks were down 4.8 million barrels last week, and demand was much higher than analysts expected, as demand has reached its highest level since March 20.

The increase in coronavirus cases in several US states reduces the likelihood of improvement in fuel demand and also increases the probable lockdowns coming again.

US demand for gasoline, is down in the regions where deadlocks are back again, however there is an improvement on the East Coast as the  coronavirus infections are brought under control.

The United States reported more than 60,000 new cases of COVID-19 on Wednesday.

Libya, whose ports have been under blockade since January, is trying to remove the force majeure at the Es Sider oil terminal on Wednesday and continue exporting. However, a tanker has not been allowed to enter the port.

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