Oil Market Eyes Lockdown Fervor in States

Oil Market Eyes Lockdown Fervor in States
Here is a preview of what to watch this week in the oil market.

(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)

How aggressively states contend with the rebound in U.S. COVID-19 cases will figure prominently in how well oil demand recovers, two market-watchers told Rigzone Friday. Keep reading for their perspectives on what to watch this week in the oil market.

Tom Seng, Director – School of Energy Economics, Policy and Commerce, University of Tulsa’s Collins College of Business: As was the case for most of this past spring, all eyes will be on the increasing spread this of the coronavirus and whether or not the upward trend can be reversed. If not, demand will deteriorate.

Barani Krishnan, Senior Commodities Analyst at Investing.com: It’s hard to make a cogent case for oil below $40 when many U.S. states continue ignoring the economic impact the new explosion in coronavirus cases will likely have. Another round of lockdowns may be inevitable; it’s already happening in some places actually. Yet, the strange disconnect between fact and fiction on the COVID-19 continues, no thanks to the delusional policies of Trump, who’s focused on only one thing: winning reelection in November.

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