Oil Price Slides on UAE-Saudi Talks, U.S. Stockpile Gain

The video discusses the potential OPEC deal involving Saudi Arabia and the UAE, which could increase oil supply to the market. The market anticipates this deal, expecting more supply, which is needed due to rising demand. Despite vaccination efforts, global gasoline demand remains below 2019 levels, while naphtha and diesel demand are recovering due to increased online shopping and freight activities. The uneven recovery is highlighted by rising gasoline stockpiles in the US, affecting market dynamics.

In what ways has the COVID-19 pandemic affected oil demand across different products?

What are the implications of rising gasoline stockpiles in the US on the oil market?