WTI Crude extends losses as fuel demand concerns mount - rowwifirs

Futures along US West Texas Moderate Crude Oil retreated for a second sequential trading day connected Monday, American Samoa ongoing soar in current COVID-19 cases in the United States, India, Brazil and elsewhere heightened concerns that renewed incomplete lockdowns could cut back demand for fuel.

The total list of confirmed coronavirus cases globally exceeded 10 billion, patc the expiry cost surpassed 500,000 on Sunday, with countries such as the US, Brazil and India reporting record numbers of new infections. Additionally, new outbreaks were reported in parts of Asia, while Latin America has get ahead the second most contrived neighborhood by the pandemic, surpassing Europe.

The US reported to a higher degree 44,000 parvenu cases connected Sunday, with the recent spike out being just about sizable in several states to the South and to the West, which lifted restrictive measures earlier and more aggressively.

Interim, Australian authorities are weighing whether to reimpose social distancing measures in some areas, following the sharpest single-twenty-four hours surge in rising cases in at least deuce months.

"The second undulation contagion is alive and well," Howie Shelton Jackson Lee, an economist at OCBC cant in Singapore, aforesaid.

"That is capping the bullish sentiment that we've seen in the next-to-last cardinal to eight weeks."

According to Lee, advisement on oil prices at this point are also factors such as poor refining margins and show-high vulgar inventories in the United States, the largest manufacturer and consumer of oil globally.

"There is also a risk that gains in prices recently could see some U.S. shale producers restart wells," ANZ analysts noted.

As of 9:17 GMT on Monday, WTI Crude Oil Futures were edging consume 0.21% to swap at $38.10 per barrel, later on earlier falling as degraded as $37.54, or a price index non seen since June 25th ($37.10). WTI Unconditional futures dropped 3.16% last week, marking their second loss in the past nine weeks.

Brent Oil Futures were receding 0.34% on the sidereal day to trade at $40.56 per barrel, after earlier slithering to $40.05, OR a Price tear down not seen since June 25th ($39.50). Brent futures dropped 2.86% inalterable week, also recording their second passing in the chivalric nine weeks.

Daily Pivot Levels (traditional method of calculation) – WTI Petroleum Oil color Futures

Central Pivot – $38.44
R1 – $39.06
R2 – $39.96
R3 – $40.58
R4 – $41.21

S1 – $37.54
S2 – $36.92
S3 – $36.02
S4 – $35.13

Daily Pivot Levels (traditional method of calculation) – Brent Vegetable oil Futures

Central Pivot – $40.93
R1 – $41.53
R2 – $42.37
R3 – $42.97
R4 – $43.58

S1 – $40.09
S2 – $39.49
S3 – $38.65
S4 – $37.82

Author: Miroslav Marinoff, a news editor at TradingPedia, is betrothed with observing and coverage on the tendencies in the Foreign Exchange Market and the US Stock Marketplace.

Source: https://www.tradingpedia.com/2020/06/29/commodity-market-us-crude-oil-falls-a-second-day-as-spiking-covid-19-cases-raise-concerns-over-fuel-demand/

Posted by: rowwifirs.blogspot.com

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