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WTI recovers to $103.00 after IEA says emergency in oil markets may worsen

The head of the International Energy Agency (IEA), Fatih Birol, warned on Friday that “the emergency in the oil markets may worsen“.

Additional comments

Reducing the demand for oil does not depend only on governments, but also on citizens and corporations.

The measures include minors speed limits, work from home, more public transport and days off of urban cars.

Measures can quickly reduce oil demand by 2.7 million barrels of oil per day within four months.

market reaction

WTI has bounced off daily lows of $101.67 to recover above $103.00 following previous comments.

At time of writing, US WTI Crude Oil price is trading near $103.00, up around 0.90% on the day.

Source: Fx Street

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