FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
63,181,345Confirmed
1,467,245Deaths
43,689,815Recovered
Fetching Location Data…
Advertisement
Advertisement
Vladimir Zernov
WTI Crude Oil

Oil Video 20.11.20.

Advertisement

Libya’s Oil Production Gets Back To 1.25 Million Barrels Per Day

Libya’s National Oil Corporation (NOC) has recently stated that its oil production has reached 1.25 million barrels per day (bpd), in line with pre-January levels.  In January 2020, the country’s oil industry was hit by blockades which pushed its oil production towards the 100,000 bpd level.

Libya’s oil production recovered much faster than analysts expected and put additional pressure on the oil market at the time when it was hit by European lockdowns.

Currently, Libya wants to increase its oil production to 1.7 million bpd. However, there’s also good news for the market – those extra barrels won’t come very fast. Now that Libya has managed to increase its production to pre-blockade levels, it will have to make additional investments.

According to recent reports, Libya has already talked with Total about potential investments, but it is obvious that extra oil will not be able to emerge overnight.

At this point, it is clear that the market was able to absorb a rapid increase of Libya’s oil production without big problems, although the recent months have brought volatile trading.

Oil Traders Bet On Vaccines

Today, Pfizer and BioNTech submitted an application for emergency use of their coronavirus vaccine. Markets expect that it would be approved soon.

Meanwhile, oil continues its attempts to settle above the resistance at the $42 level despite the recent increase in the number of new COVID-19 cases in the U.S. and introduction of additional virus containment measures by various states.

This week, oil traders managed to ignore all the bad news on the coronavirus front which means that oil enjoys strong support at current levels between $40 and $42.

The key question is whether this vaccine-related optimism will be sufficient enough to push oil above the recent highs at the $43 level.

In my opinion, oil will need several bullish inventory reports or another dose of positive vaccine news to settle above the $43 level and have a realistic chance to move above August highs at $43.75.

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
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