Crude oil prices ended the week in a mixed cumulative fashion amid the rise in the number of Covid-19 cases, as oil traders wondered in which direction crude oil prices would go.
What we know: American oil contract, West Texas The middleman closed at $ 40.88 a barrel, gaining 0.7% for the week, although it should be noted that it was down 0.2% on Friday.
READ: Oil prices fall, currently on sluggish demand
- The UK oil contract, Brent, the popular standard for benchmark oil, however, fell for the day and week.
- Brent Brent prices stabilized on Friday at $ 42.93 per barrel, down 0.5%. For the week, the world crude gauge lost 0.2%.
The mixed result in crude oil prices comes amid a surge in COVID-19 cases in emerging markets that continue to weigh on oil traders as the virus is believed to have dampened demand in two of the largest crude oil consuming areas in the world.
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OPEC + plans to cut its current supply cuts from 7.7 million barrels per day (b / d) to 2 million b / d in January, OPEC Secretary General Mohammed Barkindo admitting that fuel demand appears to be anemic.
An OPEC + technical committee expressed concerns over the increased oil supply a few days ago, as reduced human mobility aimed at limiting the spread of COVID-19 has also curbed fuel consumption .
In an explanatory note to Nairametrics, Stephen innes, Chief Global Market Strategist at Axi, spoke about his outlook for the fragile energy market.
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“But the extreme risk is how lawmakers are handling this Covid-19 surge and how consumers interact remains the wild card.
“While a return to drastic lockdowns is unlikely, the biggest threat to economic recovery is fear of the virus, not necessarily soft lockdowns or restrictions on social gathering.
“It’s fear that might keep people squatting until the curve flattens or the vaccine is available. And that could seem like a significant slowdown for the economy.
That said, energy consumption is starting to increase dramatically in the world’s second-largest economy, China. Such a macro should keep crude oil prices well above the levels seen in April.
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