*Oil Continues Negative Move on Covid Worries*

New restrictions across the globe are being introduced as Covid-19 resurges and cases are increasing. This had led to renewed concerns about the outlook for economic growth and therefore the demand for oil and products. Reuters noted that top oil traders Vitol, Trafigura and Gunvor were seeing a slow road back for oil demand because of the virus resurgence. They also noted that the number of new jobless claims for benefits in the United States United States rose last week to a two-month high.

 

*OPEC Still Needs Retrospective Oil Cuts*

Overproduction in previous months have still not been compensated for yet according to figures obtained by Reuters. There is still some 2.3 Mn bpd of production that needs to be cut to adhere to the cut agreement. The figure stood at 2.38 Mn bpd in August, so there has been a very slight reduction.

 

*New UAE Crude Contract Launching*

ICE are planning the launch of their UAE Murban crude contract next year. ICE hope to launch in Q1 of next year after it was delayed due to the coronavirus outbreak. https://www.theice.com/murban

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