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Reuters reported that international oil prices continued to fall on Monday, falling about 1%, due to concerns about falling demand for fuel products due to more European lockdown
bans.
According to a draft proposal, Germany plans to extend its ban on curbing COVID-19 infections until a fifth month as new cases exceed levels, which authorities say will lead to overcrowding in hospitals
.
Stephen Innes, chief global market strategist at Axi, said: "The reality is that there is still a long way to go to achieve a full demand recovery, with record-breaking capacity controls being the main support for the oil market
.
”
After the collapse in demand during the COVID-19 pandemic, OPEC and its allies adopted unprecedented production cut agreements to balance global markets
.
Optimistic about a pick-up in demand, U.
S.
drillers began capitalizing on an earlier spike in prices, adding a number of oil extraction platforms
in the week ending Friday.
Energy services company Baker Hughes Co.
said in its report on Friday that the number of oil and gas rigs, an early indicator of future production, rose 9 points to 411, the highest level
since April.
The rig count has been growing over the past seven months, up nearly 70%
from an all-time low of 244 in August.
Reuters reported that international oil prices continued to fall on Monday, falling about 1%, due to concerns about falling demand for fuel products due to more European lockdown
bans.
According to a draft proposal, Germany plans to extend its ban on curbing COVID-19 infections until a fifth month as new cases exceed levels, which authorities say will lead to overcrowding in hospitals
.
Stephen Innes, chief global market strategist at Axi, said: "The reality is that there is still a long way to go to achieve a full demand recovery, with record-breaking capacity controls being the main support for the oil market
.
”
After the collapse in demand during the COVID-19 pandemic, OPEC and its allies adopted unprecedented production cut agreements to balance global markets
.
Optimistic about a pick-up in demand, U.
S.
drillers began capitalizing on an earlier spike in prices, adding a number of oil extraction platforms
in the week ending Friday.
Energy services company Baker Hughes Co.
said in its report on Friday that the number of oil and gas rigs, an early indicator of future production, rose 9 points to 411, the highest level
since April.
The rig count has been growing over the past seven months, up nearly 70%
from an all-time low of 244 in August.
