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.


Check all the recent news updates and share market updates


 

 

 

Get 90% Discount on Brokerage Now! Open Demat Account
×

Share your details & Become Sub Broker Now!

    1. Become Sub Broker

    Offer valid for limited time.

    ×

    Share your details & Open Demat A/C Now!

      1. Open Demat Account

      Offer valid for limited time.

      ×

      Share your details & Get IPO Allotment Now!

        1. Invest in IPO

        Offer valid for limited time.

        ×

        Share your details & Invest in PMS Now!

          1. Invest in PMS / AIF / PCG

          Offer valid for limited time.