*Oil Prices Slip as U.S. Inventory Build Stokes Fears of Supply Glut*
API reports from yesterday reported of crude builds in the week leading up to 16th October, with the figure around 584,000 barrels taking stocks to around 490.6 million. This news prompted the oil to slip on Tuesday with investors nervy on the pace of the recovery of the global economy as coronavirus cases increase. (Reuters)
*Russia’s Novak Says Premature to Talk About OPEC+ Plans Beyond 2020*
Russia’s energy minister has come out a said that it is too early to predict or look at output beyond December of this year only a week prior to the suggestion that output restrictions should proceed, although output restrictions are due to ease on 1st January. Questions have been raised on this matter as the second wave of the virus appears to be sweeping Europe and the US. (Reuters)
*IATA Downgrades Aviation Outlook for Middle East, Africa On Slow Recovery*
The International Air Transport Association has revised down its aviation outlook for the Middle East and Africa as the slow recovery hampers the chance of a return to pre-COVID levels, which signals a poor demand recovery for jet fuel. Some estimates suggest that the levels will not return until 2024 in the area. (S&P Global Platts)