Oil: Energy sector up – ANZ

Crude oil was able to shift pressure and the market looks like convenient with the latest news about coronavirus. WTI trades at $51.75, ANZ Research reports.

Key quotes

“The crude oil price was under pressure early in the session after China reported a sharp rise in cases of COVID-19.”

“After previously forecasting a 800kb/d gain in Q1, EIA’s now expects a fall of 435kb/d.”

“However, the selling reversed after the World Health Organisation said the spike didn’t necessarily reflect a sudden surge in the epidemic.”

“The moves suggest the market is more comfortable than we are past the worst of the outbreak.”