New lockdowns could impact oil demand

According to the International Energy Agency (IEA), the new wave of lockwdowns across Europe can influence global demand by oil. Nevertheless, precautionary measures adopted to try to coronavirus cases on the continent, should have a less significant impact on the severe than the first recorded this year.

"Important parts of the European continent are under lockdown. This would certainly work on the downside," said the IEA director for energy and security markets, Keisuke Sadamori, and continued: "We certainly we hope that this time there will be a smaller impact than in the last lockdown. This schools will be kept up and running and some of the stores are still open." It is worth remembering that prices oil rebounded a short time ago, now operating around $40 per barrel – so fears about the change in demand Persist. Despite this, the IEA maintained its forecast of oil demand 2020 and 2021 in its monthly report, published on October 14.


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