U.S. crude oil inventories down last week: API

Saudi Arabia tanker power play could backfire as oil demand shrinks

Oil prices rally on hopes for US stimulus

Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion virus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.

British investment bank Barclays said it has reduced its Brent and WTI price forecasts by $12 per barrel for 2020, noting that they are now below both the curve and consensus.

US senators and Trump administration officials have reached an agreement on a $2 trillion stimulus bill that Congress was expected to pass on Wednesday, helping to boost markets.

While the bill failed to pass the Senate on Monday, it is expected to give a major boost to the American economy if it clears the floor later Wednesday.

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The latest round of weekly US oil reports are expected to show crude inventories rose for a ninth straight week.

However, demand for oil products, especially jet fuel, is falling worldwide as more governments announce nationwide lockdowns, putting a lid on oil prices.

Barclays also forecast global available onshore storage capacity at about 1.5 billion barrels with an estimated oversupply of over 5 million barrels per day (bpd) for this year and an oversupply of 10 million bpd on average for second quarter.

Crude inventories rose by 1.6 million barrels in the most recent week.

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Oil prices extended falls for a third session on Wednesday.

"We are entering into the single worst reset in energy prices in my lifetime", said one respondent.

"Threats of increasing supplies by OPEC and Russian Federation are other downside risks for the market", they added, after the Organization of the Petroleum Exporting Countries and Russian Federation failed to extend an agreement to cut production and support prices beyond end-March.

"This reminds me of the aftermath of the 1998 price crash and what it did to our productive capacity for the next decade", said John Kilduff, a partner at Again Capital Management in NY.

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