WTI Crude Oil hits two-week lows on demand-related concerns - lewisfromastlese

Futures along US West Texas Intermediate Crude Anele extended losses from last calendar week on Monday, Eastern Samoa newfound COVID-19 infection cases in China and the USA raised concerns over demand recovery.

Over the past weekend, cardinal new cases of COVID-19 illness were reported in Beijing, all related with the city's largest food wholesale market, which fueled concerns finished a second wave of coronavirus infections after the government freshly eased restrictive measures.

At the same sentence, on Sat the United States government reported more than 25,000 new confirmed cases, as several states, including Alabama, Texas, Arkansas, North Carolina, Everglade State and Golden State, registered a record number of new COVID-19 infections per day and a register turn of hospitalizations.

"The recuperation in oil demand is already set to exist a lengthy process, and a fresh wafture of cases will certainly enkindle worries that a recovery in demand whitethorn charter even yearner than initially thought," ING Economics pointed out in an investor note.

A of GMT 8:36 GMT on Monday, WTI Crude Oil Futures were retreating 2.59% to trade at $35.55 per barrel, aft sliding to as rock-bottom as $34.34, or a damage horizontal surface non seen since June 1st ($34.30). Last week United States of America Oil lost 6.57%, piece snapping a six-week streak of gains.

Brent Oil Futures were losing 1.23% on the day to trade at $38.46 per barrel, after earlier falling to $37.26, or A level not remote from Friday's two-week low. Last week Brent tumbled 6.98%, while marking its worst performance since the business week ended on April 24th.

Meanwhile, a monitoring venire LED by Organization of Petroleum-Exporting Countries will make dialogue connected Thursday over ongoing commemorate supply reductions and wish conclude whether inunct-producing countries have made their share to overall cuts. The OPEC and its allies have been decreasing oil output aside some 9.7 meg barrels per day, while reductions are to be prolonged until the end of side by side month.

Each day Pivot Levels (longstanding method of calculation) – Crude oil Oil

Central Pivot – $35.99
R1 – $37.46
R2 – $38.41
R3 – $39.88
R4 – $41.34

S1 – $35.04
S2 – $33.57
S3 – $32.62
S4 – $31.66

Daily Pivot Levels (long-standing method of calculation) – Brent Oil

Central Pivot – $38.46
R1 – $39.90
R2 – $40.85
R3 – $42.29
R4 – $43.72

S1 – $37.51
S2 – $36.07
S3 – $35.12
S4 – $34.16

Author: Miroslav Marinoff, a news editor at TradingPedia, is committed with perceptive and reporting along the tendencies in the Foreign Exchange Market and the US Stock Market.

Source: https://www.tradingpedia.com/2020/06/15/commodity-market-crude-oil-plummets-to-two-week-lows-as-new-confirmed-covid-19-cases-heighten-demand-recovery-concerns/

Posted by: lewisfromastlese.blogspot.com

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