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Oil price stable due to uncertain demand outlook

by Bunkerist
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Oil prices remain steady on Monday, but are on their way to the first monthly decline since April as rising coronavirus cases continue to raise concerns about demand.

Brent crude LCOc1 rose 12 cents, or 0.3%, to $42.04 a barrel by 1151 GMT. U.S. West Texas Intermediate CLc1 was at $40.36 a barrel, up 11 cents or 0.3%.

Doların gücü ve makroekonomik belirsizlik bu hafta petrolün gündemini şekillendirecek. Güçlü ABD doları, son kayıpları azaltmaya yardımcı oldu.

Still, increased virus cases continue to be skeptical about demand. The increase in daily infections has accelerated and the total number is now close to 33 million. Densely populated countries are more affected by the epidemic. The speed at which the virus spreads is a primary concern for both healthcare professionals and financial investors.

Russia said that the global oil market has been stable for the past few months and the demand-supply balance has improved, but warned of the risks of a second wave of COVID-19 cases.

Despite efforts by the Organization of Petroleum Exporting Countries and its allies to limit production, Iran and Libya, which are members, are exporting excess crude oil.

Meanwhile, the prospect of a labor strike on September 30, an industrial action in Norway that threatens to cut the country’s output by 900,000 barrels a day, seems likely to offer some support to the market.

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