Oil: OPEC pointed a dull outlook – ANZ

Crude oil prices fell as OPEC painted a somber picture of the market amid the darkening economic backdrop, strategists at ANZ bank apprise.

Key quotes

“The group cuts its estimate of the amount of crude oil it will need to supply to the market by 3mb/d during Q2 2020. That’s a fall of over 15%. Members also cut their estimates of non-OPEC supply by 2.4mb/d.”

“The EIA weekly report showed that US commercial stockpiles of crude oil fell 745kbbl last week, against expectations of a rise of 4mbbl. Overall, inventories rose with 1.933mbbl flowing into its strategic reserve. More promising was the fall in gasoline inventories, which was down 3.5mbbl.”