Oil market mulls demand risks
Crude price comes under pressure from concerns over a second coronavirus wave just as Opec+ considers loosening the supply taps. But are the worries overdone?
The Nymex WTI crude contract dipped back below $40/bl on Tuesday morning, while Ice Brent struggled to hold its ground above $42.50/bl. Fears that a resurgence of Covid-19 in the US might take a chunk out of demand just as Opec+ announces a relaxation of production cuts at its Wednesday meeting set the bearish tone. The concern is understandable—the UKs’ Office for National Statistics (ONS) released figures on Tuesday morning that showed the country’s economy rebounding more slowly than expected in May, emphasising he fragility of demand. But there are also more positive demand-side factors of that traders should be mindful beyond the headlines coming out of large US states. Production boost
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
