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On Friday, the market saw oil prices climb, an extension of its gains from the day before. Despite a resurgence in COVID-19 cases in some regions of the United States over the past days, the gains have been accumulated in light of the industry's optimism for fuel demand across the globe.
U.S. West Texas Intermediate (WTI) crude CLc1 futures went up 42 cents, or 1.1%, bringing it to $39.14 at 0150 GMT. However, it was noted to be on track to drop slightly for the week.
Similarly, Brent crude LCOc1 futures went up 1.1%, or 47 cents, to $41.52. Continuing with the pattern, it were also geared to a small decline.
In general, the commodities markets views the global recovery positively on Friday despite coronavirus flare-ups concerns, said Michael McCarthy, chief market strategist at CMC Markets.
“It does appear the market is ignoring supply and demand fundamentals and moving on sentiment,” McCarthy stated.
Analysts agree that recovery in demand can be seen through satellite data that shows strong traffic in China, Europe and the United States.
While this the case, fears of spikes in COVID-19 infections in states in the southern region of the U.S. are seen to be hurdles in demand recovery, especially with consideration to states such as Florida and Texas which are the biggest consumers of gasoline.
“The risk of a fresh outbreak could hit the recovery in demand,” a note in an ANZ Research said.
The possibility of increased U.S. crude production prevented further gains on Friday as well.
Dallas Federal Reserve Bank's survey of executives in the top U.S. oil and gas producing region revealed more than half of executives cutting production are expecting a resumption of output by July's end.
According to almost a third of the survey for a majority of producers to have output restored, WTI would have to be priced between $36 and $41 a barrel. Twenty-seven percent however, said prices would have to range between $41 and $45 per barrel.
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