Oil falls 3%, posts weekly drop on demand concerns

Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup

Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup

Analysts warn that upcoming refinery maintenance and the end of the summer driving season could also limit crude demand.

The ministry explained in a statement issued yesterday that the crude oil exports fell from 2.763 million bpd in July to 2.597 million bpd in August.

"It's a big psychological level" said Bob Yawger, director of the futures division at Mizuho Securities USA.

Overall, the market remains focused on the stalled recovery in fuel demand as countries continue to battle the coronavirus pandemic with rolling COVID-19 lockdowns, analysts said.

"The hopes for more stimulus are going out the window", said John Kilduff, partner at Again Capital in NY.

Meanwhile, key refineries are still recovering from storms that swept through the U.S. Gulf Coast last week.

Spousal Support Request by Dr. Dre's Wife Is 'Staggering'
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Brent crude for November delivery slid 1.41 dollars to close at 42.66 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration report showed crude stockpiles fell by more than 9 million barrels last week, but the large draw likely reflected the impact from Hurricane Laura, which saw production fall below 10 million barrels a day for the first time since 2018.

Physical markets are showing a mixed picture.

Production cuts led US gasoline inventories to fall at a "manic" pace in the past two months, even though USA mobility indicators suggest that driving patterns have largely plateaued over the past 6-8 weeks, he added. Consumption of other oil products also fell.

Investors managing more than $2 trillion are calling on Texas regulators to ban the routine burning of natural gas from shale fields, arguing that the energy industry hasn't moved quickly enough to curb the controversial practice.

"US crude oil refinery inputs averaged 13.9 million barrels per day during the week ending August 28, 2020, which was 0.8 million barrels per day less than the previous week's average". "We need to see economic activity back up to get demand flowing".

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