Oil remains under pressure – stocks are rising, demand is dwindling because of the coronavirus

Oil remains under pressure – stocks are rising, demand is dwindling because of the coronavirus.

Oil stocks increased by 3.5 million barrels last week, raising concerns about supply shortages. Airlines around the world are stopping their flights to China with the death toll rising to 170. WHO is considering a worldwide alarm. The recent sharp rise in the price of BRENT and WTI came after a failed attempt by the Houthis to attack Saudi Aramco’s base again, the Jazan oil field.

Analysts remain declining in demand for Chinese oil because of the virus, with demand for aircraft fuel worsening the most.

Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.

 Trader Martin Nikolov

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