Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Adesina Olumide
WTI Crude Oil

Traders are becoming nervy on the pace of global economic growth, as rising cases of COVID-19 continue to make major headlines.

Brent crude, the global benchmark for the black liquid derivative, closed at $41.92 suffering losses of 3% w/w.

U.S crude oil prices settled at $40.04 per barrel, posting a plunge of 2.1% w/w.

The latest oil cartel’s meeting held late last week failed in calming the edgy nerves of oil traders, as there was no strong reaffirmations by major producing members on oil production cuts till the close of 2020.

Also, macros, coming from Africa’s leading oil producer, revealed the Libyans planned to raise its oil production output by around 260,000/barrels per day in the coming days up from about 100,000/barrels per day. Such a report has already led to price pullbacks at its most recent trading session, with crude oil bulls extinguishing some of their long positions momentarily.

Another valid macro, dampening the hopes of crude oil bulls is the latest statement coming from St. Louis Federal Reserve President James Bullard, on his bias that there might be no need for additional stimulus packages for the world’s largest consumer of oil in 2020 based on the ongoing adaptation of businesses and households to coping with the COVID-19 pandemic.

Although it’s expected West Texas Intermediate prices remain above the $38.50/ barrel in the near term as the Chinese of late had increased buying pressures on U.S. crude, perhaps in an attempt to meet up its obligations on the energy import quotas agreed with the Americans in 2019 and also taking advantage of the relatively cheap price of the black liquid derivative.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.