Oil prices are about to end the week negative as fuel demand declines due to rising coronavirus infections, adding to concerns about Libya's resumption of exports. If this continues, the price of crude oil will close its first negative month since April.
Much would have to change in the situation today for both WTI and Brent, a benchmark in Europe, to close the week positively, despite the fact that this morning they rebounded by 0.81% and 0.67%, respectively.
As of today, here is how Brent has fared:
- The company has accumulated a weekly fall of more than 2%
- Their monthly decline has amounted to more than 6%
As for WTI:
- The company has lost more than 1% this week
- Their losses this month have amounted to almost 5%
In addition to the drop in demand due to the second wave of coronavirus infections, doubts about economic recovery in the United States, with a slowdown in job creation, is also making a dent and pushing down the demand for fuel.
Source: Admiral Markets MetaTrader 5. Brent Futures CFD weekly chart. Data range: from May 12, 2019, to September 25, 2020. Prepared on September 25, 2020, at 12 noon. Keep in mind that past returns do not guarantee future returns.
Source: Admiral Markets MetaTrader 5. WTI Futures CFD weekly chart. Data range: from December 15, 2019, to September 25, 2020. Prepared on September 25, 2020, at 12 noon. Keep in mind that past returns do not guarantee future returns.
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