
The oil price looks optimistic. What are the reasons?
Oil market crashed after OPEC+ didn’t agree on production cuts. Brent slid as low as to $31.27 a barrel. WTI hit $27.34 a barrel. Both benchmarks haven’t really started to close this week’s bearish gap. What’s next? Let’s see what bank analysts have to say about this.
There will be more volatility in oil prices in the next two weeks as that is when the OPEC’s cuts agreement officially ends. The odds are that during this time oil will remain under pressure. What is happening between Saudi Arabia and Russia is a high-stakes poker game.
Traders should be ready for prices staying below $30 a barrel in the second quarter of 2020. The commodity’s price has no support on the downside and may fall below $25 a barrel. Models now forecast quarter-end 2020 levels for Q1, Q2, Q3 and Q4 2020 at $28.6 a barrel, $32.3/b, $35.6/b and $46.1/b, respectively.
Brent oil may temporarily fall to $20 a barrel range over the coming weeks as there’s a big shift in Saudi's approach: the country has started giving discounts and will probably allow inventories to build.
There’s a unique combination of demand and supply shocks that could send prices into the $20s.
The oil price looks optimistic. What are the reasons?
Big news shake financial markets more and more often. This time oil is once again the news maker.
The price of WTI oil collapsed even more, it trades at $14.80; why?
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
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