WTI Crude Oil retreats to a fresh five-month low - ybarracopievere
Futures connected US West Texas Intermediate Petroleum Oil colour extended losses from the prior trading days on Monday and hit lows not seen since tardy May, as markets get up for high volatility during the U.S. head of state election week.
Concerns that the Ra-imposition of lockdown measures in Europe to relax coronavirus circulate could further weaken demand for fuel mounted additional pressure on oil prices.
"A lot of traders are now looking at the U.S. and their rising infection rates and wondering if Europe is providing the model for what will go on in the U.S. in the coming weeks," Michael McCarthy, of import market strategist at CMC Markets, was quoted as saying by Reuters.
Meanwhile, a tighter race just before the US Polling day and potential electoral uncertainty triggered caution among market players.
"The most immediate concern for markets is that political paralysis will delay or diminish a fiscal response to the deteriorating coronavirus post," CMC's Michael McCarthy noted.
WTI Rude Futures retreated for a second consecutive month in October, away 11.01%, and Brent Oil Futures plummeted 10.11% due to concerns over weakening demand and increasing oil supplies from the United States and OPEC members so much atomic number 3 Libya and Irak.
Reported to Goldman Sachs, the OPEC+ group will probably set back a planned 2 million bbl-per-day production ramp-up olden January. OPEC+ members are expected to meet on November 30th and December 1st. The group's drilling pink wine for a fourth straight calendar month in October, as output cuts by the majority of members were offset by increasing supplies in Libya and Irak.
As of 10:18 GMT on Mon WTI Crude Futures were receding 2.18% to swap at $35.01 per barrel, after earlier touching an intraday low of $33.64 per barrel, operating theater a monetary value tied non seen since Crataegus laevigata 29th ($32.36).
Brent Oil Futures were losing 2.11% on the 24-hour interval to trade at $37.06 per barrel, afterwards earlier touching an intraday low of $35.76 per drum, OR a price level not seen since Crataegus laevigata 29th ($34.70).
Day-after-day Pivot Levels (time-honoured method acting of calculation) – WTI Crude Oil Futures
Fundamental Pivot – $35.87
R1 – $36.52
R2 – $37.26
R3 – $37.91
R4 – $38.57
S1 – $35.13
S2 – $34.48
S3 – $33.74
S4 – $33.01
Daily Pivot Levels (tralatitious method of computing) – Brent Oil Futures
Centered Pivot – $37.74
R1 – $38.68
R2 – $39.51
R3 – $40.45
R4 – $41.40
S1 – $36.91
S2 – $35.97
S3 – $35.14
S4 – $34.32
Author: Miroslav Marinoff, a news editor program at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market and the US Stock Market.
Source: https://www.tradingpedia.com/2020/11/02/commodity-market-us-crude-oil-retreats-to-a-five-month-low-ahead-of-us-election-day-virus-lockdown-measures-in-europe-add-to-demand-worries/
Posted by: ybarracopievere.blogspot.com
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