Sandra Brown 10/30/2020
Oil prices are growing as part of the correction
During the last two trading sessions, Brent and WTI crude oil fell in price by 8-9%. On Friday morning, quotes are showing corrective growth.
Brent crude rose 0.31% to $38 38 per barrel. The price of WTI oil rose 0.3% to $36 28 cents per barrel. Negative sentiments are observed on the world oil market. Bidders are concerned about a sharp increase in the number of coronavirus infections in the world.
The authorities of Germany and France have already made decisions to tighten restrictions, which will lead to a decrease in demand for raw materials. The expected increase in supply is also a limiting factor for the growth of prices on the world oil market. According to the current terms of the OPEC + deal, in January next year, the participating countries will be able to increase oil production. However, market experts expressed the hope that in the current situation the parties to the agreement will not increase oil production, but will assume additional obligations to reduce it.
TAGS: OIL PRICES