Fears of supply disruptions after Druzhba pipeline disruption offset by rising Covid-19 cases in China, which could slow demand
The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France. File photo: REUTERS/Christian Hartmann
The US Navy’s Fifth Fleet said it was aware of an incident on Wednesday in the Gulf of Oman involving a commercial vessel. The Associated Press had reported that a Liberian-flagged oil tanker operated by the Singapore-based Eastern Pacific Shipping was struck in an exploding drone attack off the Gulf of Oman.
But after the initial “knee-jerk rally in oil prices, the tepid market follow-through reflects the significant prudence that will be taken to avoid an escalation”, said Stephen Innes, managing partner at SPI Asset Management. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance Covid-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said.
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