The oil market is “coming back to reality”, Eugen Weinberg of Commerzbank told Joe Wallace in The Wall Street Journal. US oil futures fell below zero in April after lockdowns laid waste to global oil demand. Brent Crude hit an 18-year low that month at a little over $19 a barrel, but then rallied 135% through the end of August to top $45 a barrel. Yet that rally has now come unstuck, with Brent falling back by 12% so far this month to hit a two-month low earlier this week.
American petrol demand has flatlined at around 85% of pre-pandemic levels, dashing hopes of a return to normal, says Julian Lee on Bloomberg. Chinese demand is more robust, but the country accumulated vast stockpiles of fuel when prices plunged earlier in the year.
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