Oil Price Weekly Outlook – 2nd October 2020
Global oil prices extended their decline with the opening of the US market on Friday to deepen their losses for the second day in a row, to record US crude its lowest level in 3 weeks, and Brent crude its lowest level in four months, due to trading investor aversion to risk and a wave of selling in commodity markets, after the President announced The American “Donald Trump” is infected with the new Coronavirus, and pressures on prices also The rise in Libya’s production at a faster rate than market expectations.
US crude fell nearly 4.5% to $ 36.83, the lowest level since September 11, from the opening level at $ 38.56, and recorded its highest level at $ 38.63, and Brent crude fell 4.3% to $ 39.00 a barrel, the lowest since June 16. , From the opening level at $ 40.74, and the highest level at $ 40.76.
On yesterday’s settlement, oil prices 3.2%, and Brent crude futures fell by 3.3%, the second loss in the last three days, due to the acceleration of selling in the riskier asset markets.
In a tweet on Twitter, Donald Trump said that he and first lady Melania Trump had tested positive for the Covid-19 virus and that he had begun the quarantine process.
According to the statistics of the “Reuters” agency, the number of cases of Coronavirus worldwide has increased to more than 34 million, an increase of nearly two million cases from the end of last week.
During this week, deaths from the disease exceeded the one million mark, with the number of deaths and injuries accelerating in many countries, which prompted some global governments to tighten some restrictions again to prevent the spread of infection, which renewed concerns about the levels of global demand for fuel.
In Libya, sources told Reuters that oil production in the country rose to 270 thousand barrels per day, with the intensification of operations and exports.
The current rise in current production is faster than market expectations, with the Libyan National Army easing the blockade of many oil installations.
プロのトレーダー兼アナリスト、2004 年から金融および外国為替市場のエコノミスト。エジプトのアメリカン大学で MBA を取得。モハメッドは、多くの国際外国為替および金融取引会社で経済ライターおよびテクニカルおよびファンダメンタルズアナリストとして、英語とアラビア語の両方で日々働いています。