Second-wave COVID-19 fears threaten oil demand recovery

The recent oil price gains may be short-lived as growing fears over a resurgence in COVID-19 cases are putting the world’s oil demand recovery on hold, sparking concerns over a new supply glut in the

coming months, according to analysts.

It said efforts to keep infection rates in check elsewhere are also struggling and in Japan, the world’s fourth-biggest oil user, a spike in infections has triggered new lockdown fears. “This slowdown is driven by a sharp stalling in the US due to the resurgence of the virus, a small increase in global jet demand and finally the headwinds to normalising activity even in countries where the virus remains under control,” Goldman said in a note.

The Norwegian consultants see global oil demand staying relatively flat from July to October 2020 and then rising at a much slower rate than previously estimated. According to data from Google, activity has weakened in workplaces, retail and recreational sites, and transport hubs in most of the world’s biggest oil consumers.

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