Crude Down Due To Fast-Spreading New Coronavirus Strain In The United Kingdom

  • 3 months ago
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yesterday settled down by -2.46% at 3529 as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall recovery in the global economy and its need for fuel.
 
Price declines came after oil prices marked seven straight weeks of gains last week as investors focused on the rollout of COVID-19 vaccines. British Prime Minister Boris Johnson will chair an emergency response meeting on Monday to discuss international travel, in particular the flow of freight in and out of Britain as COVID-19 cases surged by a record number for one day. The headache comes as Johnson also seeks to hammer out a final accord on Brexit. The variant, which officials say is up to 70% more transmissible than the original, also prompted concerns about a wider spread, forcing several European countries to begin closing their doors to travellers from the United Kingdom.
  
The negative sentiment also overshadowed a weekend deal among U.S. congressional leaders for a $900 billion coronavirus aid package. Adding to the pressure, the oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, Baker Hughes said on Friday, as producers keep returning to the well pad with crude prices trading above $45 a barrel since late November.
  
Technically market is under fresh selling as market has witnessed gain in open interest by 19.44% to settled at 1020 while prices down -89 rupees, now Crude oil is getting support at 3456 and below same could see a test of 3383 levels, and resistance is now likely to be seen at 3578, a move above could see prices testing 3627.
 
Trading Ideas:
# Crude oil trading range for the day is 3383-3627.
# Crude oil prices slid as a fast-spreading new coronavirus strain in the UK raised concerns that tighter restrictions there could stall recovery in the economy.
# The negative sentiment also overshadowed a weekend deal among U.S. congressional leaders for a $900 billion coronavirus aid package.
# Adding to the pressure, the oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May

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