The cost of a barrel of Brent crude oil fell below $ 55 for the first time since January 3, 2019, increasing losses from the beginning of the year to 18%.
Contracts for WTI (traded with us #USOIL during the bidding dropped to $ 50 per barrel and stopped, seemingly, having found local support there.
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The main reason is the #pandemic from China and the collapsed demand from them. That is why an emergency meeting of OPEC + members should start #today in Vienna. However, some participants say that this meeting will not help get rid of the problem, because symbolic steps cannot rectify the situation for one simple reason.
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According to the reports of #OPEC and #IEA, even without the Chinese factor, world production in the first half of the year exceeds 1.2 #million barrels per day. Here you can add the growing volumes of Brazil and Norway, which add another barrel per day.
To all this, we can add the demand from #China, which collapsed by 20%, we add these 3 million barrels to the current surplus and we get the storage facilities filled to capacity. Oil #traders will be forced to provide significant discounts to bidders, which will put pressure on #oil for the first half of this year.
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Contracts for WTI (traded with us #USOIL during the bidding dropped to $ 50 per barrel and stopped, seemingly, having found local support there.
=======
The main reason is the #pandemic from China and the collapsed demand from them. That is why an emergency meeting of OPEC + members should start #today in Vienna. However, some participants say that this meeting will not help get rid of the problem, because symbolic steps cannot rectify the situation for one simple reason.
=======
According to the reports of #OPEC and #IEA, even without the Chinese factor, world production in the first half of the year exceeds 1.2 #million barrels per day. Here you can add the growing volumes of Brazil and Norway, which add another barrel per day.
To all this, we can add the demand from #China, which collapsed by 20%, we add these 3 million barrels to the current surplus and we get the storage facilities filled to capacity. Oil #traders will be forced to provide significant discounts to bidders, which will put pressure on #oil for the first half of this year.
=======
Find out more: https://www.facebook.com/pg/FIBOGroup.Global/posts/?ref=page_internal
#fibogroup #forex #forexbroker #forexnews #forexanalysis #economics #economiccalendar #financing #treder #dollar #news #recentnews #forexforecast