Traders remain concerned about the increasing number of COVID-19 cases in many parts of the world including the United States, India and Brazil. The rise in infections continues to have a negative impact on global oil demand in August. Last week, India had reported its fifth consecutive y/y decline in oil consumption with July’s figures showing a 11.7% y/y decline in refined product consumption. This includes a decline in diesel and gasoline consumption by 19.3% and 10.3% y/y , respectively, leading to Indian refineries to operate below their capacity in the financial year 2020-21. OPEC, IEA and EIA lower their demand forecast OPEC and the IEA slashed their oil demand outlook in 2020 by 0.1 million bbl/d and 0.14 million bbl/d, respectively last week. Both reports which predicted a decline in crude demand by 9.1 million bbl/d and 8.1 million bbl/d, respectively weighed on positive sentiment, and kept oil […]