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Oil Ends July With a Gain Before OPEC+ Starts Opening the Taps
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Oil Ends July With a Gain Before OPEC+ Starts Opening the Taps
(Bloomberg) -- Oil is ending a sedate July with a gain ahead of OPEC+ plans to start returning supply to the market, while the coronavirus pandemic continues to spread across many major economies.Futures rose 0.8% in New York, following Thursday’s 3.3% decline. Deep production curbs by the Organization of Petroleum Exporting Countries and its allies have helped oil rebound from its plunge below zero in April, but it’s a precarious time to be adding more supply as virus cases continue to expand rapidly in some regions. Equity markets edged higher, adding some support to crude on Friday.Oil’s rebound has stalled near $40 a barrel with rising infections raising doubts about a swift and sustained recovery in consumption. Saudi Arabia and other top producers from the Middle East are coming under heavy pressure to cut the price of their crude, while Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden predicted demand may not see a full recovery until next year.“I see today mostly as a price correction of yesterday’s panic,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy AS.OPEC+ plans to return about 1.5 million barrels a day to the market next month after cutting global supply by roughly 10% when demand plunged. U.S. shale companies are also returning production, with ConocoPhillips the latest to announce plans to bring back oil. Continental Resources Inc., Parsley Energy Inc. and EOG Resources Inc. have said they would restore some output in July.“If oil-producing countries do not continue the co-ordinated cuts, oil prices could again fall below $40,” said Jun Inoue, an economist at Mizuho Research Institute in Tokyo. “Although demand is expected to continue to recover and inventories are expected to decline, the pace of recovery in oil prices is expected to be moderate.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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