Promise in the Oil And Gas Industry as the Pandemic Rolls On

President Trump assures that the deal with China is still on

Amidst the chaos and madness, the oil market shows promise. 2020 is not going down without a fight. In addition to the oil and gas downturn caused by the coronavirus pandemic, the market was strained by tensions brought about by trade wars between the US and China. This was all quelled and solved when President Trump reassured investors and the nation that trade deals with China are still in full effect.  

As the country continues to reopen and see the results of increased demand, oil prices have hovered around $40 and have shown some promise. New testing and data may suggest otherwise as states work to control the consequences of re-opening. Depsite all this, US stockpiles increased by 2 million barrels in the past week. Efforts by the OPEC to cut prices have done their work says Howie Lee of Oversea Chinese Banking Corp in an article written on Rigzone.  

We continue to work through this pandemic as a nation as many airlines, namely Delta Air Lines, work to resume flights internationally and to China. There is promise in the economy and we must work collectively to keep the momentum going and the safety of everyone in mind. All information in this article is credited to Low De Wei and Sharon Cho’s article on Rigzone, “Oil Bounces After Trump Says China Deal Still On”. Ref: https://www.rigzone.com/news/wire/oil_bounces_after_trump_says_china_deal_still_on-23-jun-2020-162508-article/