empty
ms
Sokongan
Pembukaan akaun segera
Platform dagangan
Deposit/Pengeluaran

02.11.202015:09 Analisis Forex & Kajian: Oil collapses again

Long-term review

Exchange Rates 02.11.2020 analysis

Oil prices opened this trading month with a slide. Today, November 2, the price of Brent crude oil fell to $36 per barrel. American WTI crude decreased to $34. The situation is similar to the price collapse in May. Since this summer, prices for "black gold" have dropped by more than 20%.

The slump in oil prices was caused by the second wave of the coronavirus, in particular, by concerns about a recovery in demand. Due to the fast spread of COVID-19, many European countries, such as Austria, the UK, Germany, Spain, Italy, France, Ireland, and others, were forced to reintroduce restrictive measures. By the way, according to the latest data, the number of people infected with the coronavirus in Europe exceeded 10 million.

With many countries reintroducing quarantines, demand for fuel is falling. The upcoming US presidential election is also weighing on the market.

Futures for Brent crude oil dropped by 3.61% to trade at $36.57 per barrel, WTI lost 3.97% to settle at $34.37 per barrel. Both benchmarks decreased by more than 5.8% earlier in the session, hitting lows for the first time since May.

Investors are awaiting actions from OPEC+ as their decision to extend production cuts should support prices. According to OPEC Secretary-General Mohammed Barkindo, by the end of 2020, the group will discuss the terms of the deal in 2021. At the moment, oil production has been reduced by 7.7 million barrels per day. From the beginning of 2021, it is planned to cut production to 5.8 million barrels. However, given the current situation, production growth remains a big question.

Kate Smirnova,
Analytical expert of InstaSpot
© 2007-2025
Dapatkan manfaat daripada cadangan penganalisis sekarang
Menambah semula akaun dagangan
Buka akaun dagangan

Kajian analisis InstaSpot akan membuat anda mengetahui sepenuhnya aliran pasaran! Sebagai pelanggan InstaSpot, anda disediakan sejumlah besar perkhidmatan percuma untuk dagangan yang cekap.

Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaSpot anyway.

We are sorry for any inconvenience caused by this message.