The unexpected rising in the U.S crude oil inventories shocked people. The reason for that was understandable; Since COVID – 19 has not cooled down and threatened the demand for crude oil, the price went down. Even though the supply still holds tight through the year-end.
The volatility could be a chance for traders if you can catch the wave; however, the price may be stuck here. Global GDP recovery is likely to remain on track; the fluctuation range may get small.
Crude inventories in the United States are the world’s top crude oil consumer, which means if they rose, the other part of the world would not do better. With the negotiation of OPEC+ delayed, the deterioration of demand becomes the riskiest thing for the market.
The marketing demand becomes crucial. The new virus restriction has brought the pandemic atmosphere back. For now, we should keep our eyes on news.
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