Oil Prices Slip Again As COVID Cases Surge

Canadas federal government has confirmed…

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Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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By Tom Kool - Oct 23, 2020, 2:00 PM CDT

COVID cases are now surging around the globe, threatening oil demand and sending oil prices back below $40.

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Friday, October 23rd, 2020

On Thursday, the U.S. reported more than 70,000 COVID cases for the first time in three months, and the trajectory suggests the U.S. may break new record highs in the coming days. The numbers help explain weak (and weakening) gasoline demand in the U.S., a theme also unfolding in Europe. The pandemic continues to largely cap any potential price rally. Crude remains stuck at $40, where it has traded for the better part of four months.

Two-speed oil market. Demand is weak in Europe, the U.S. and Latin America, and remains depressed as the coronavirus continues to spread. But in Asia, gasoline demand is robust, and even jet fuel demand is rebounding strongly. As Javier Blas notes, there is a very big difference between east and west right now, with Asia looking to pre-pandemic....

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