CRUDE MOC: Dubai complex weakens amid poor demand outlook

S&P Global Platts | Oct 1, 2020 at 1:51 PM
  • New York —
  • The Middle East crude complex fell Oct. 1 as sentiment on the fresh December-loading trade cycle was affected by the bearish demand outlook.
  • Sentiment was hit by the weak demand outlook, with demand from Asia’s biggest buyer, China, expected to remain limited in the near term because of low margins, high product stocks and lackluster domestic and global demand for oil products. OPEC and its allies in August rolled back their historic 9.7 million b/d production cut accord to a 7.7 million b/d cut anticipating a pick-up in global oil demand.