BRENT CRUDE OIL FUNDAMENTAL BACKDROP
Brent crude oil remains under pressure despite trading marginally higher this Friday. Crude oil fundamentals including both API and EIA weekly crude inventory numbers showing bigger declines than expected have not been enough to overcome global recessionary fears. In addition, the Keystone pipeline in the U.S. has been shut down due to the largest crude oil spills in roughly ten years. Crude oil’s pushback today is largely attributed to this hit to supply however, the worsening COVID situation in China is hampering hopes for a positive China re-open whereby demand for crude should theoretically increase.
