Oil price falls and should accumulate drop in the week

After positive opening on Friday (25), oil prices operate down, following the path of a weekly drop. The fall comes against a backdrop of resurgence of Covid-19 cases and concerns surrounding a possible return of Libya's exports, which could affect demand. This morning, the most liquid Brent oil contract for November fell about 0.45%, accumulating another 3% loss for the week, while WTI crude oil fell 0.87%, accumulating about 3% loss for the week.

In the United States, which is the world's largest oil consumer, fuel demand remains stagnant due to the pandemic and travel restrictions. Government data shows that the four-week average of gasoline demand last week was 9% lower than a year earlier. Applications for unemployment insurance increased last week in the country, suggesting a decrease in economic recovery and also a reduction in demand for fuel.


Leave a Reply