Oil prices edged lower today as pessimism about this year’s oil demand resurfaces. After two major forecasters (OPEC and the IEA) revised down their projections, the market is looking at the weakening outlook just as production is on the upswing.

the latest surge of infections in the U.S. will need to be closely monitored, as a continuation of this trend may lead to erosion in rebounding consumer confidence and spending behavior,

Crude oil prices traded up today after a larger than expected inventory drop. U.S. crude oil, gasoline and distillate inventories fell last week as crude production dropped sharply and refiners ramped up production

Oil prices whipsawed from gains to losses during the trading session, led lower by other financial markets, falling below a key technical level.

Oil prices climbed today on hopes of increased stimulus and improving Chinese factory data. Oil also got a boost when the TSA announced that airport screening numbers hit the highest level since mid-March.

The U.S. Congress can’t seem to come up with a plan for the next round of stimulus and it’s creating doubt for U.S. economic recovery,

“In the medium term the weak demand is likely to weigh more heavily than the positive sentiment (is supportive), which is why we expect prices to correct in the near future,”

Oil prices jumped to a five month high today on a larger than expected inventory drop. Both contracts had traded up as much as 4% earlier on in the session before trading down later in the day. Crude stocks were down 7.37 MM/bbls, vs a forecasted draw of -2.37MM/bbls.

Oil prices traded up today on hopes of new US stimulus and progress against the virus. Brent closed at its highest level today since early March while WTI was also trading at its highest level since March earlier in the day.

“The industrial sector is picking back up and that portends well for demand going forward,” said John Kilduff, partner at Again Capital LLC in New York.