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Oil prices continue to decline after the announcement of the United States
Oil prices fell by more than 1% during the trading session today in the European market, to resume its losses that were temporarily halted during the last session, as part of the rebound operations from the lowest level in eight weeks recorded earlier. In light of increasing news that the United States, China, and some major global oil consumers will withdraw quantities of strategic oil reserves to calm the market, while the Covid-19 injuries in Europe are affecting demand as well.
Oil prices continue to decline
At 09:50 GMT, West Texas Intermediate (US) crude fell by about 1.3% to trade around $75.45 a barrel, from the opening level of today’s session at $76.43 and reached the highest price at $76.58 a barrel.
The international crude oil “Brent crude” also fell by more than 1.1% to the level of $70.63 a barrel, compared to the opening level of $79.52, and it reached early in the session the highest price at $79.62 a barrel.
At the conclusion of trading on Monday, US crude managed to achieve a gain of 1.1%, after recording earlier in transactions its lowest level in eight weeks at $ 74.79 a barrel, and Brent crude also gained 1.3% after recording its lowest level since the first of last October. at $77.62 a barrel.
An American announcement that moves the market
The White House announced today, Tuesday, the liberation of strategic oil reserves, in a step that would control high energy prices in the United States and a number of other countries that suffer from high prices.
For his part, US President Joe Biden said that he will make available 50 million barrels of strategic oil, and added that 32 million barrels of oil will be available for replacement in the coming months.
At a time when there is increasing talk of an increase in supply in energy markets, you find that global demand has received a new shock about the developments of a new wave of the Coronavirus in the old continent.
As Austria announced its imposition of a complete closure to limit the spread of the Coronavirus, thus becoming the first European country to re-impose the closure, which led to the growing fears again of the spread of the pandemic throughout the entire continent of Europe, which negatively affects the economic recovery and the decline in demand levels.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.