Brent falls amid worry over slow recovery in global demand, but short-covering ahead of producer meeting limits losses
Oil traders shout deals on the floor of the International Petroleum Exchange in London. Picture: FERRAN PAREDESOil prices slipped on Tuesday as worry over slow recovery in global fuel demand was reinforced by warnings by major oil producers, but short-covering ahead of a meeting later this week of Opec and its allies, known as Opec-plus, limited losses.
“Brent and WTI are likely to stay between $35 and $40 a barrel until US demand for heating oil starts picking up as the peak driving season has ended,” he said. World oil demand will tumble by 9.46-million barrels a day in 2020, Opec said in a monthly report, more than the 9.06-million barrel a day decline expected a month ago.
“Still, some investors moved to cash in profitable short positions ahead of the Opec-plus meeting,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
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