Resumption of partial lockdowns in some countries could hurt fuel
Singapore — Oil prices slid for a second consecutive session on Monday as coronavirus cases rose in the US and other places, leading some countries to resume partial lockdowns that could hurt fuel demand.
However, global coronavirus cases exceeded 10-million on Sunday as India and Brazil battled outbreaks of more than 10,000 cases daily. New outbreaks are reported in countries including China, New Zealand and Australia, prompting governments to impose restrictions again. Despite efforts by Opec+ — Opec and allies including Russia — to reduce supplies, crude inventories in the US, the world’s largest oil producer and consumer, have hit its highest levels yet.
“In the next one-two weeks, we should see an uptick in rig count commensurate with the pickup in oil production,” OCBC’s Lee said.
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