Friday, September 11, 2020 9:33 AM EDT
Oil is heading to close its second consecutive week with losses, for the first time since April, when its price plummeted as a result of the confinements decreed by governments to curb the coronavirus pandemic.
WTI futures contracts that expire in October accumulated a weekly decline of close to 6% at mid-morning on Friday to around $37. Last week, it closed down 7.45%. Brent futures contracts, the benchmark in Europe, which expire in November, are also about to close with a weekly loss of 6%, which joins the 5.31% of last week, on the verge of losing $40.
Doubts about the recovery in demand continue, especially after the US Energy Information Agency (EIA) reported an increase in stocks yesterday for the first time in the last six weeks, with 2 million barrels more, after a decrease was expected. Now, all eyes are on the Organization of the Petroleum Exporting Countries (OPEC), who are scheduled to meet telematically next week.
Source: Admiral Markets MetaTrader 5. WTI Futures CFD Daily Chart. Date range: December 2019, to September 11, 2020. Prepared on September 11, 2020, at 11 a.m. Keep in mind that past returns do not guarantee future returns.
Source: Admiral Markets MetaTrader 5. Brent Futures CFD Daily Chart. Date range: December 2019, to September 11, 2020. Prepared on September 11, 2020, at 11 a.m. Keep in mind that past returns do not guarantee future returns.
In the last four years, oil has achieved a certain price recovery, but lately has not been able to reach nor come close to the record prices prior to 2014, when it was between $90 and $100.
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") ...
more
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:
This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Any investment decision is made by each client alone whereas Admiral Markets Group AS investment firms (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
The Analysis is prepared by an independent analyst (hereinafter "Author") based on the Author's personal estimations.
To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.
less
How did you like this article? Let us know so we can better customize your reading experience.
