Anxiety will remain heightened as the fight against Covid-19 continues, which is bad news for risk assets such as oil, one analyst says
An oil tanker at Jose refinery cargo terminal in Venezuela. Picture: REUTERS/JORGE SILVA/FILE PHOTO
Brent crude had dropped 44 US cents, or 1%, to $40.58 a barrel by 9.17am GMT, and US crude was 36c, or 1%, lower at $38.13. “Looking ahead, anxiety is likely to remain heightened as the epic fight against the coronavirus pandemic continues. This spells bad news for risk assets [such as oil], which will inevitably remain under pressure,” said Stephen Brennock of broker PVM.Still, Brent is set to end June with a third consecutive monthly gain after major global producers extended an unprecedented 9.
“No massive investments are likely to be made in the foreseeable future given the gigantic mountains of debt and the considerable financial risks,” Commerzbank analyst Eugen Weinberg said.
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