FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
41,043,648Confirmed
1,129,600Deaths
30,629,580Recovered
Fetching Location Data…
Advertisement
Advertisement
Adesina Olumide
WTI and Brent Crude Oil

U.S. West Texas Intermediate lost about 0.24%, to trade at $37.96 a barrel at the early hours of London’s trading session, after gaining 3.5% yesterday

Brent crude prices dropped 0.12% to trade at $40.74 a barrel, after rising 2.5% yesterday.

COVID-19 caseloads surged in several parts of the world’s largest economy, with U.S stockpiles rose by 3 million barrels in the week that ended on September 4, 2020, as seen from data of the American Petroleum Institute, thereby making a strong case for the bears arbitrarily.

At the U.S trading session on Wednesday, crude oil bulls were riding high on the bias that all was well as global stocks picked up strongly, helping oil prices to go higher, but the party ended at Thursday’s opening of Asia’s trading session as oil traders retreated amid low volatility

Oil traders are presently clueless on the current situation of crude oil prices. Obviously, the bears seem to have the upper hand after crude lost several dollars on Monday and Tuesday. But, that doesn’t mean that any rebound is not going to happen as witnessed yesterday.

As a matter of fact, based on prevailing macros, Brent crude prices could breach below the $40 critical support levels, as bears wait for further ammunition from the surge in COVID-19 infections globally.

Not forgetting, COVID-19 concerns continue to be on the major headline with hopes for energy demand re-balancing fading as many developing markets which include many parts of Africa, Central America print unimpressive economic data coupled with the rise in COVID-19 caseloads in Europe, U.S, Canada and India.

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