Crude oil prices steady amid increase in coronavirus cases

Buyer Beware Oil Stockpiles Are Enormous

The global recovery of demand for fuel also supported oil prices after the collapse in the course of the coronavirus shutdown in April-May, when countries all over the world partially resumed their economic activity.

The market for Brent crude flipped into backwardation despite the existence of some 100 million barrels of oil n floating storage. The West Texas Intermediate (WTI) crude contract for August CLc2, which became the day's more active contract, fell $0.25, or 0.6%, to $39.58.

South Korea said on Monday for the first time that it was in the midst of a second wave of the coronavirus. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the biggest increase from North and South America.

Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis in decades. He also noted that crude prices pared gains when traders were unimpressed by a USA purchasing managers report.

COVID-19 treatment: AYUSH ministry seeks details on Patanjali Ayurved`s `Coronil` tablet
He also said that necessary approvals for conducting the trials of medicine on patients had been taken from competent authorities. We conducted two trials of these, first clinical controlled study, which took place in Delhi, Ahmedabad, among many other cities.

Oil prices were volatile on Tuesday after markets were spooked by surprise comments from White House trade adviser Peter Navarro saying a hard-won U.S-China trade deal was "over", though he later said his comments had been taken out of context, Trend reports with reference to Reuters. It now expects Brent crude to average $43.70 a barrel in 2020, up from a previous estimate of $37.

"As we head into next year, we believe transportation demand could recover at a faster rate than we initially anticipated", the bank said in a note dated Friday.

Brent was on track for its second straight daily close at the highest level since prices collapsed on March 6 after the Organization of the Petroleum Exporting Countries (OPEC) and allied producers including Russian Federation, failed to agree on production cuts.

Russian Federation said that $40 to $50 a barrel is a fair price.

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