On Friday, oil prices dropped on track for a weekly contraction as demand is weak and fuel supply is ample, offsetting the impact of the weak US Dollar.
By 00.34 GMT, Brent crude oil future slipped by 0.4% or 19 cents to USD43.88/barrel, on the way to the biggest weekly loss since June. US WTI fell by 0.5% or 20 cents to USD41.17/barrel, set to record its first weekly fall in five weeks.
China’s crude imports are seen to post a slowed volume after increasing for five months in a row, as refiners gradually utilize the country’s bloated stockpiles.
In the US, oil output is estimated to not be boosted soon as diesel inventory overwhelms refiners, along with weak margins. The country’s gasoline stockpiles were hurt by the weakening output.
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Published on September 4, 2020 5:13 PM (GMT+8)Last Updated on September 7, 2020 3:34 PM (GMT+8)
