Search

Oil drops after coronavirus cases

Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices.

The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. Italy and Spain imposed fresh restrictions to curb the virus.

The rising number of cases “not only highlight the risks posed by immediate transport restrictions, but also dampen long-term demand expectations, OPEC’s secretary general Mohammed Barkindo said OPEC+ producers did not expect a renewed oil-price collapse as seen in the second quarter, and said producers in the OPEC+ alliance would continue to “stay the course” in balancing the market.

In the United States, energy companies increased their rig count by five to take the total to 287 in the week to Oct. 23, the most since May, energy services, the rig count is an indicator of future supply.

Still, investors increased their net long positions in U.S. crude futures and options during the week through Oct. 20, the U.S. Commodity Futures Trading Commission said on Friday.

We can look to Wednesday for clues on where oil could head towards with the crude stocks change data coming out midweek.

3 views0 comments
  • Twitter - White Circle
  • YouTube - White Circle
  • Instagram - White Circle

For purchased inquiries contact : Support@litcapital.co.uk

For general enquiries contact : Info@litcapital.co.uk

Endpoint Protected by 

Disclaimer :The information presented by Learn Interact Trade Capital Ltd or any of its staff is for educational purposes. Any examples used are for educational and illustrative purposes only. Learn Interact Trade Capital Ltd is not a stockbroker, broker dealer, or investment advisors. They are not recommending particular CFDs, ICOs Cryptocurrencies etc. The names of any firms of crypto Exchanges, stockbrokers, stock exchanges, financial institutions, financial planners, bookmakers, or financial websites mentioned are for illustrative purposes only. The decision on which company to use if any is at the total discretion of each individual person. It is recommended that you seek a professional licensed broker prior to implementing any investment programme or financial plan. The world of trading is HIGHLY speculative and you can lose all your investments. Learn Interact Trade Capital Ltd cannot guarantee any results or investment returns based on the information you receive. You must read and understand the above and be aware of the risks of all trading and investing and be willing to accept them before investing.

Learn lnteract Trade Capital LTD all rights reserved ©2020