FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
43,355,159Confirmed
1,159,200Deaths
31,907,861Recovered
Fetching Location Data…
Advertisement
Advertisement
Adesina Olumide
Offshore Oil Rig Drilling Platform

Major crude oil benchmarks that include Brent crude ended W/W slightly lower, losing 0.2% as oil traders worry the London based oil contract, might have its demand tightening on the macro stating COVID -19 caseloads is exploding at an alarming rate in major European countries like Germany and the United Kingdom.

However the popularly known U.S oil grade West Texas Intermediate ended W/W quite impressive has it gained 0.7%, as recent U.S oil stockpiles printed an uptick in oil demand, coupled with the bias, the Republicans would pass some form of stimulus deal in smoothening the World’s largest fragile economy on sentiments showing the U.S election is fast approaching.

On the parabolic, the black liquid hydrocarbon faces intense pressure near term, on the bias revealing oil bulls in recent weeks seem to suffer momentarily from exhaustion, anytime they approach their immediate key resistance price levels coupled with another major bias that reveals low chances of gasoline demand/supply levels taking shape to pre-COVID-19 era, on sentiments that major oil producers might not be able to sustain their commitments in keeping with current oil production cut due to their weak earnings and high budget deficits, as most depend on the black fossil for their economic development.

In spite of the prevailing macro surrounding energy demand, many experts don’t see crude prices to breaching below the $35 /barrel support level, as the world’s leading Pharmaceutical Company Pfizer announced that its COVID-19 vaccine product would be ready before the year runs out.

A duly registered COVID-19 vaccine readily available at such time could propel crude oil prices near $45/Barrel and most importantly restore the type of volatility seen in the pre-COVID-19 era.

That said, Brent crude prices are still showing an impressive amount of resolve around the $40/barrel price levels amid profit-taking seen at around $43-$43.20 price levels on cyclic fundamentals showing oil traders exposed by the high geopolitical uncertainty.

It’s critical not to forget oil traders are kind of focused more, in the near term on the likely winner of the U.S election, on the sentiments that President Trump re-election will be a nice macro for the black fossil market amid his dwindling odds for re-elections.

For a look at all of today’s economic events, check out our economic calendar.
Advertisement
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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US