Oil under bearish pressure today amid rising COVID-19 infections in India. India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages, destroying hopes that its second wave was about to peak. India’s opposition leader Rahul Gandhi warned that unless the second wave was brought under control it would decimate India as well as threaten the rest of the world. These reports are fuelling fears that oil demand may recover more slowly. The strength of the fears was made clear when the latest news of falling U.S. crude inventories failed to support the prices. U.S. crude inventories fell by 8 million barrels in the most recent week, compared with expectations for a drop of 2.3 million barrels.
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
BRENT overview 07.05.2021
Oil falls on India worries.
Oil under bearish pressure today amid rising COVID-19 infections in India. India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages, destroying hopes that its second wave was about to peak. India’s opposition leader Rahul Gandhi warned that unless the second wave was brought under control it would decimate India as well as threaten the rest of the world. These reports are fuelling fears that oil demand may recover more slowly. The strength of the fears was made clear when the latest news of falling U.S. crude inventories failed to support the prices. U.S. crude inventories fell by 8 million barrels in the most recent week, compared with expectations for a drop of 2.3 million barrels.
Except sellers on upward corrections.
Next support to watch – 65.86
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
Open account
Latest Posts
Amega launches a brand new client area… and the crowd goes wild!
16 November 2023Amega reduces spreads up to 50%
25 September 2023Amega is going to the Traders Fair South Africa, 2023
14 September 2023Copycats: How social trading is changing the game.
18 July 2023BRENT 14.07.2023
14 July 2023Categories
Tags