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On Friday, the prices of oil went up. This was supported by further OPEC production cuts despite the International Energy Agency (IEA) reporting that the demand growth is at an all-time low since 2008.
Brent Crude Futures LCOc1 increased by 89 cents bringing it to $58.27 a barrel by 1057 GMT. West Texas Intermediate (WTI) CLc1 Futures are now at $53.33 per barrel after an increase of 79 cents.
In a statement, UBS analyst Giovanni Staunovo was quoted saying:
“Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already announced previously by the head of the IEA and the agency still expects larger inventory draws for 2H19,”
In IEA's report it had been indicated that the first half of 2019 saw the global oil's demand at its slowest pace. It is not surprising that this is owed not only to an insidious economic slowdown, but the impact of the U.S.-China trade war that had been the culprit of various flashpoints traders and investors encounter in their daily trading activities.
To date, oil prices had lost over 20% from peaks from April, relegating them to a bearish phase.
The oil market was going “from gloomy to gloomier” according to Rystad Energy when asked about its bullish view for 2020. Bjørnar Tonhaugen, the head of oil market analysis at Rystad Energy had this to say:
“Economic recession risk and further escalation of the U.S.-China trade war are key concerns in the near term. How long OPEC+ is willing to continue to manage production adds uncertainty,”
The Organization of the Petroleum Exporting Countries, Russia and other producers, a collective known as OPEC+, agreed last July to extend their supply cuts until March 2020 in a prudent effort to boost prices.
Russia’s Energy Ministry agrees with IEA’s estimates and forecasts. In fact, Moscow had considered a slowdown in oil demand upon extending an output cut deal with the OPEC.
Harry Tchilinguirian, a global oil strategist stated:
“Market focus in oil has clearly shifted. It is squarely on future demand, rather than on supply,”
As an attempt to bring balance to the market, Saudi Arabia, the leader of the OPEC, is planning to maintain its crude oil exports below 7 Million barrels a day this month and in September. This, they suppose, would help absorb global oil inventories.
In a tweet last Thursday, Energy Minister to the UAE, Suhail al-Mazrouei, committed into supporting actions that will balance the oil market.
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