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Oil Dips as Demand Worries Outweigh Tighter Supply


Monday, 22 June 2020 12:44 WIB

MinyakWTIBrentOil,


Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers.

Brent crude fell 11 cents, or 0.3%, to $42.03 a barrel by 05:05 GMT, while U.S. crude was at $39.69 a barrel, down 14 cents, or 0.4%.

Both contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided later, usually an indication of tightening supply.

Source : Reuters


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