Crude oil futures steadies after overnight fall but weak demand caps rally

S&P Global Platts | Mar 27, 2020 at 2:57 AM
  • Crude oil futures were steady in mid-morning trade in Asia Friday after an overnight decline, but analysts said that weak demand prospects will continue to limit recovery in the near term.
  • Crude futures had settled lower Thursday, ending a three-day up streak as the market refocused on coronavirus-related demand destruction.
  • Over the next few months, Platts Analytics sees global “massive” crude stock builds of 500 million barrels in its best-case scenario, compared with the 1 billion-barrel build in its worst-case scenario, relative to end-Feb levels.