Markets News

Oil Prices has dropped in International Market with 2nd Wave of Covid

On Tuesday, suddenly oil prices drop because there was a coronavirus hit in Europe.

United states are back again in the market after an overnight surge on progress towards a COVID-19 vaccine.

On Monday, the contracts roughly jumped to 8 per cent almost after five months after the drugmakers  Pfizer and BioNTech.

These drugmakers said that 90 per cent covid treatment was effective in the beginning.

Because there is a lockdown in Europe there will be a loss of almost 1 million barrels per day.

The worst part nobody knows when the vaccine will be available in the world.

US states will return to some good holding after the lockdown or this winter season.

On Tuesday, U.S. oil inventory numbers are due from the American Petroleum Institute.

On Wednesday, from the Energy Information Administration.

Tuesday the oil prices decline and everybody is worried because it cannot go the same way and vaccine will not be available any time soon.

Organization of the Petroleum Exporting Countries (OPEC) have decided that from August through December the supply will be cut by 7.7 barrels per day.

And then there will be an ease in January to cut 5.5 barrels per day.

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