One analyst said easing restrictions may lead to a balance in supply and demand for the oil market in the third quarter
A general view shows the French oil giant Total Refinery in Donges, France, December 20, 2019. Picture: REUTERS / STEPHANE MAHE
Italy, Spain, Nigeria and India, together with Ohio and other US states, began allowing some people to go back to work and opened up construction sites, parks and libraries. “The outlook for this and next year is turning brighter; demand should be supported by a recovering global economy,” UBS commodities analyst Giovanni Staunovo said.
“Inventories have built but not quite as strongly as feared; with social-distancing measures ramped up in March ... the observed inventory increases have not been quite as strong as feared,” it said in a note.
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