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Oil market hit by renewed global demand-side fears

Oil prices corrected sharply lower on Tuesday, April 20, with Brent sliding 1.4% to $65.72/bbl, and WTI shed 1.8% to $62.3/bbl.

Reports of the next wave of the Covid-19 pandemic, which subsided somewhat in April, are back on the agenda due a resurgence of coronavirus in India. The oil market is again concerned about global demand, as India, along with China, is one of the world's largest oil importers.

This morning, oil prices continue to decline after failing to hold at the previous levels as Brent price is down 0.5%, and WTI is trading 0.4% lower. Our Brent price forecast for today is in the range of $65-66.3/bbl.

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