Friday, November 13, 2020

Oops! US Stock Price Crisis, Black Gold Prices Fall Again

 Black commodity trading fell at the start of the Asian session amid continued concerns over weak global demand following the rise in Covid-19 cases around the world, particularly the United States and Europe which are increasingly alarming.

WTI United States traded 1.8% at $ 40.36 a barrel, while Brent crude fell 1.5% to $ 42.87 a barrel.

Both benchmarks have recorded an increase of about 8% this week following positive reports on the Covid-19 vaccine by Pfizer as well as supported by the hope that OPEC + will postpone plans to increase production by January 2021.

However, with the increase in cases in the United States and several other countries to record highs, the commodity trade weakened again.

Disappointing data from the US Energy Information Administration (EIA) added to the pressure on black gold trading where crude oil supply increased by 4.3 million barrels last week, compared to the expected decline of 913,000 barrels.

Meanwhile, the International Energy Agency (IEA) warns that success in producing vaccines will not quickly restore the energy market still plagued by the Covid-19 crisis.