Crude oil costs, information and evaluation:After a interval of relative stability for crude oil prices to this point this month,
Crude oil costs, information and evaluation:
- After a interval of relative stability for crude oil prices to this point this month, the outlook has deteriorated.
- The Worldwide Power Company predicts the primary quarterly lower in world oil demand in additional than a decade due to the coronavirus outbreak.
Outlook poor for crude oil costs
The value of US crude oil, which has been comparatively secure to this point in February after dropping sharply the earlier month, seems to be to be beneath downward strain once more after a downbeat report from the Worldwide Power Company. In keeping with the IEA, world oil demand within the first quarter of 2020 might fall by 435,000 barrels per day year-on-year, its first quarterly contraction in additional than a decade.
It has additionally reduce its oil demand progress forecast for 2020 as a complete by 365,000 bpd to 825,000 bpd – the bottom since 2011 – due to the coronavirus outbreak. For US crude oil which means a drop again under $50 per barrel is now on the playing cards.
US Crude Oil Value Chart, 4-Hour Timeframe (January 3 – February 13, 2020)
Chart by IG (You’ll be able to click on on it for a bigger picture)
Recommended by Martin Essex, MSTA
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