Still, a meeting of the Opec+ joint ministerial committee on Thursday is not expected to make recommendations for deeper output cuts
The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17 2019. Picture: REUTERS/CHRISTIAN HARTMANN
Brent crude was up 33 US cents, or 0.8%, at $39.94 a barrel by 9.10am GMT, while US West Texas Intermediate crude futures were up 31c, or 0.8%, at $37.57 a barrel. Both contracts fell on Monday. “We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved,” the IEA said in its monthly report.
World oil demand will tumble by 9.46-million bpd in 2020, oil cartel Opec said in a monthly report on Monday, more than the 9.06-million bpd decline Opec expected a month ago.Concern about supply disruptions in the US from Hurricane Sally provided some price support.
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