Oil: Direct and immediate hit to demand – TDS

Crude remains under extreme pressure as mounting travel restrictions deliver a direct and immediate hit to demand, economists at TD Securities inform. WTI is being exchanged at $31.184.

Key quotes

“The latest reports from the EIA, IEA and OPEC have all slashed demand expectations, with demand growth expected to be flat or negative for 2020.” 

“The supply-side shock in the form of a price war between OPEC and Russia has taken another bearish turn, with the UAE the latest OPEC nation to join rank with Saudi Arabia and pledge a some 1m bpd increase in production.”