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Oil Price Forecast – Spike in COVID-19 Cases Expected to Drag on Demand in US and Europe

From fxempire.com

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures finished marginally lower on Friday, pressure by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag on demand in two of the world’s biggest fuel-consuming regions. On Friday, December WTI crude oil futures settled at $41.12, down $0.12 or -0.29% and December Brent crude oil closed at $42.93, down $0.23 or -0.54%. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers including Russia, fear a prolonged second wave of the pandemic and a jump in ... (full story)

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  • Category: Fundamental Analysis