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Throughout the day, the news about the rapid fall in oil prices is seen in major media today. This negative trend is due to concerns that a new wave of COVID-19 will hinder the recovery of demand.
The price of December futures for Brent North sea oil mix fell by 0.49% and reached the level of $42.24 per barrel. Remember that at the close of trading on Tuesday, these contracts rose by 1.8%.
The price of November WTI futures decreased by 0.62% and is worth $39.95 per barrel today. On Tuesday, the futures have risen in price for 1.95%.
This decline was the result of investor concerns that an uncontrolled increase in Coronavirus cases in the United States and Europe could greatly reduce fuel demand and quarantine restrictions will slow the economic recovery.
Today, oil prices look more vulnerable than ever. News states that COVID-19 continues to spread across Europe at an unimaginable speed and shows a positive trend towards growth in America. The main question here is how to effectively control the spread of the virus and how negatively the larger restrictions will affect economic activity.
Investors' concerns can hardly be called groundless because OPEC also expressed its concern about demand in the October report. The organization announced a forecast for a drop in global oil demand in 2020. It will decrease by 9.5 million barrels per day compared to last year. In addition, a long-term forecast for 2021 was made, where the figures slightly decreased in comparison with the organization's earlier statements. OPEC now expects demand to increase by 6.5 million barrels per day next year, instead of 6.6 million in the previous possible scenario.
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