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Crude Oil Rally May Lose Steam on Virus Threat, Softer Physical Demand
CRUDE OIL PRICE OUTLOOK:
A softening demand in the physical oil market signals further pullback in prices
WTI crude oil prices pared intraday losses as USD retreated, US passed stimulus package
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Crude oil prices erased deep intraday losses and rose back to Friday’s closing mark as the US Dollar retreated. Yet, oil prices have likely retraced from their 10-month highs amid headwinds of a new type of coronavirus strain found in the UK, which is reportedly 70 percent more transmissible than the original. Sentiment took a hit as the potential for wider spread may threaten further lockdown measures and travel bans between the UK and the Europe in a time when both sides are trying to finalize a post-Brexit trade agreement. A worsening virus situation and Brexit uncertainties may point to an extension of travel restrictions and trade complications between the two ....

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