PXE - Weekly Energy Recap: Demand Recovers

Brent finished at $32.50 per barrel capping a third consecutive week of gains while WTI topped $29.43 per barrel which was close to a two-month high.

The Brent/ WTI spread has narrowed significantly to $3.07 per barrel, which makes US crude oil exports less competitive to other Brent-related Atlantic basin barrels.

Oil gained despite bearish uncertainties surrounding COVID-19 as economic uncertainty kept market sentiment cautious.

The physical crude market was still weighed down by the millions of barrels being stored on tankers worldwide.

There are more than 200 million barrels of crude oil and petroleum

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