Candidate Joe Biden signaled he’ll seek to bring Iran back into the 2015 nuclear accord the U.S. brokered when he was vice president. That means the economic sanctions President Donald Trump imposed -- and tightened further this week -- could be eased, opening the flood gates for more than 2 million barrels a day of Iranian crude exports. WTI is $36.05; Brent is $37.94
Crude futures in New York fell 4.6%, due to the virus expansion, and US oil stock increase. Germany is proposing widespread curbs for a month, while France is preparing tougher restrictions that may include a lockdown in the latest round of measures to limit the spread of Covid-19. WTI is $37.75; Brent is $39.66
It’s very difficult to predict what is going to happen with oil and gas right now. We’ve seen reductions in inventory levels since June, and when those move toward the five-year average there should be an uptick in price, say analysts. WTI is $39.00; Brent is $40.88
Six months + after Covid-19 sent oil prices into a tailspin, a second wave is threatening to take another bite out of energy demand. The oil market isn’t yet out of the woods, despite a strong recovery in recent months. Demand in Asia holds up well, but concerns grow in other parts of the world as the virus spreads say analysts. WTI is $39.10; Brent is $41.04.
With futures stuck below $41 a barrel, attention is turning to the next major events on the horizon: the imminent U.S. election and an OPEC+ meeting at the end of next month. Russia indicated that it’s open to delaying an oil-output hike planned for January. Meanwhile, Presidential candidate Joe Biden said fossil fuels need phasing out, a comment perceived as a dangerous threat to the industry. WTI is $40.97; Brent is $42.65
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