Oil flat as Libya developments counter OPEC+ boost

Global stocks fall amid central bank caution oil prices gain

The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Monday in which it said, "Risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines". Still, Iraq is exporting more crude so far in September than its daily average in August.

While several vaccines may be ready by the end of this year, their mass production will take time.

Citing statistics, on the day's commodity market closure, the United Kingdom crude futures' prices had extended their ongoing rally by 2.56 per cent to $43.30 per barrel, while U.S. crude futures had winded down the day 2.02 per cent higher to $40.97 a barrel. About 30.69% of the region's oil output, and 24.73% of natural-gas output, was shut in as of Thursday.

El Aissami recognized the efforts of Saudi Arabia and Russian Federation as presidency and co-presidency of OPEC Plus, and of Algeria as head of the OPEC Conference, for promoting high-level dialogue among oil-producing countries to shore up fuel prices.

The oil market has a diesel problem and it's not letting up. The prices of both Brent and US Crude improved, but they are still trading lower than $40 due to weak demand.

The ministerial panel said it was concerned about the rise in the cumulative overproduction, which has reached 2.38 million bpd from May until August, according to the report.

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The president of Lipow Oil Associates, Andrew Lipow said, "As economies around the world opened up, there was optimism and enthusiasm that we would just head back to normal over some period of time".

Still, some experts on Thursday expressed optimism about demand recovery moving forward, chief of which was Amrita Sen, chief oil analyst at Energy Aspects: she told Bloomberg television that OPEC getting tough on compliance would benefit the market greatly, and while she admitted that the recovery would be uneven, "we are starting to see better numbers.and we will see stocks draw down.demand is getting better". Gasoline inventories decreased by 381 thousand barrels and amounted to 231.52 million barrels.

WTI oil hit two-week high on Thursday in extension of Wednesday's 4.4% advance, inflate by significant drop in U.S. crude stocks.

If there are any further spikes in the cases of coronavirus, it will further contribute to the projections of losses in the fossil fuel industry.

In this light, Russia's oil demand recovery forecast looks like a way to support the market rather than a true forecast.

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