Jump to content

Oil Down as European COVID-19 Cases Soar


MongiIG

Recommended Posts

image.png

By Gina Lee, 22nd November 2021.

Investing.com – Oil was down Monday morning in Asia as Japan contemplated releasing supply from its reserves. The number of COVID-19 cases in Europe is also on the rise, leading to concerns about fuel demand.

Brent oil futures edged down 0.18% to $78.75 by 11:37 PM ET (4:37 AM GMT) and WTI futures inched down 0.0% to $75.90. Both Brent and WTI futures were below the $70 mark.

The soaring number of cases in Europe sees Austria enter a full lockdown starting Monday.

“Germany is poised to agree on mandatory remote working. In Ireland and the Netherlands, people have already been instructed to work from home where possible. This comes amid the prospect of releases of oil from strategic reserves in China and the U.S.," ANZ analysts said in a note.

As U.S. President Joe Biden faced growing calls to release supply from the Strategic Petroleum Reserve (SPR) to cool soaring gasoline prices, and requested oil majors, including China and Japan, to join a coordinated release of oil from the SPR.

Japanese Prime Minister Fumio Kishida on Saturday implied that he is ready to follow the U.S. request.  “We’re proceeding with consideration as to what we can do legally on the premise that Japan will coordinate with the United States and other countries concerned,” Kishida told the media.

Oil hit its highest level since 2014 in October but has been volatile over the past month, even as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) stick to its plans for gradual supply increases at its last meeting

Investors are also monitoring reports that a Saudi Arabia-led coalition fighting the Iran-backed Houthi movement in Yemen said it detected indications of imminent danger to navigation and global trade south of the Red Sea.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,068
    • Total Posts
      92,908
    • Total Members
      42,474
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    scobes2
    Joined 17/05/23 10:51
  • Posts

    • Does anyone else know any other SB providers that you can use to trade through TV?  I've only so far seen CFD providers which doesn't work for me due to tax reasons (mainly the hassle of having to account for it as well as the obvious cost).
    • Is there any update on when/if there will be any integration with Tradingview???
    • The anonymity of cryptocurrency transactions can vary depending on the specific cryptocurrency you use and the methods you use. While some cryptocurrencies provide a degree of privacy and anonymity, it is important to note that achieving complete anonymity can be difficult. Most cryptocurrencies operate on a pseudonymous basis. Transactions are recorded in a public ledger, called a blockchain, using cryptographic addresses instead of personal information. However, these addresses are usually not directly linked to a real identity, unless someone voluntarily discloses this information. Some cryptocurrencies, such as Monero (XMR) and Zcash (ZEC), are specifically designed to increase privacy and anonymity. I read on https://deeplab.com/darkweb/anonymous-sudan-launches-cyberattacks-on-middle-eastern-news-outlets-expands-target-list-with-four-additional-names that some people use this anonymity as a cyber attack.
×
×
  • Create New...