Oil slips below $45 on demand doubts, rising supply - Reuters

Oil slips below $45 on demand doubts, rising supply - Reuters:

Oil slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the coronavirus pandemic and rising supply. 

Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. [IEA/M] [OPEC/M] OPEC and its allies are increasing output this month.

“Pessimism about this year’s oil demand growth prospects is due to the weakening outlook in the coming months,” said Stephen Brennock of oil broker PVM.

“To make matters worse, global oil supply is on the upswing.”

Brent crude LCOc1 was 29 cents, or 0.7%, lower at $44.67 by 0810 GMT, heading for a flat week. U.S. West Texas Intermediate CLc1 slipped 25 cents, or 0.6%, to $41.99.