Markets News

Oil Prices has increased in the Asian Market due to Covid-19

On November 16, the prices of oil increased in the Asian market and it’s good because there will some hopes.

Making amends with the previous year losses also is one of the main aim.

OPEC+ will continue the demand of the weaker fuel and demand because there are COVID cases rising in a good amount from Libya.

Contracts gained more than 8% last week on hopes of a COVID-19 vaccine.

The Organization of the Petroleum Exporting Countries (OPEC) and their partners including Russia will make the product a bit slower to meet the prices in next year.

OPEC+, has been cutting production by about 7.7 million barrels per day.

Europe and the United States bad fuel demand recovery hopes this winter season.

The main concern now also is lockdowns are increasing again day by day in different countries that can be a big problem.

While fuel demand is slowing,  U.S. oil and natural gas rig count rose last week to their highest since May.

In the first half next year the experts say that oil surplus to increase to between 1.5 million and 3 million bpd.

In the second half of the next year, all can be good only if the vaccine will be available.

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