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Home Commodities

Oil Price Predictions

November 10, 2020
in Commodities
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Oil Price Predictions

Oil Price Predictions

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Earlier today, oil prices saw an average drop of 4%. Brent crude features (BRENT) fell as much as 5.8% and U.S. West Texas Intermediate (WTI) dropped as much as 6%, hitting their lowest levels since May.

Said drops can be attributed to reduced demand due to travel bans and restrictions that the COVID-19 pandemic has created. Consequently, The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers have finally agreed to cut production in attempts to ease pressure on oil markets. This agreement comes after prices dropped earlier in the year due to OPEC’s and Russia’s failure to agree upon production cuts. Reducing output rise would help secure a large deficit through the first quarter of next year and the rest of 2021, they said.

Despite these declines, analysts at Goldman Sachs remain optimistic that global demand will bounce back by 6% in 2021 and return to “pre-pandemic” levels by 2022. Among the various oil products, gasoline is expected to rise first. The world is seeing a shift from public to private transportation and higher use of private vehicles in substitution of air travel for domestic tourism. If government-led infrastructure projects are promoted, diesel demand is forecasted to recover by 2021. However, jet fuel demand, which has taken the hardest toll from the coronavirus crisis, is not expected to rise anytime soon.

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Copyright © 2020 - All Rights Reserved

Disclaimer: All content, posts, articles, pictures, links, and information published here and throughout LegacyFX’s Blog are for informational purposes only and do not constitute an official opinion or call-to-action by LegacyFX. Opinions and information presented here may not coincide with other market reports and experts. Nothing presented should be construde as investment advice, recommendation, or suggestion to perform an actions with a financial instruments. The company carries zero influence over any markets and signals. Therefore, the company cannot be held liable for nor guarantee any profits or losses.

All content rights reserved. When copying or republishing the materials presented here, a link to blog.legacyfx.com or attribution in the format of "Provided by LegacyFX Blog" is required. Failure to comply with this rule may result in legal action. For general questions, please contact us via the form on the "Contact Us" page.