(Bloomberg) – President-elect Joe Biden’s advisers have rejected a national lockdown as the economy stagnates, pushing the national lockdown to તેલ 41 a barrel in New York.
Biden’s top advisers said the local goal of fighting the virus is the preferred approach. The impact of the epidemic on demand is likely to be the main focus at OPEC + ‘s Joint Ministerial Monitoring Committee meeting on Tuesday, which generally reviews compliance with production cuts. While supply policy will not be decided this week, traders are looking for any signs that plans to relax in output curbs will be delayed from next year.
Oil shut down its biggest weekly advances in early October on Friday after receiving news of success on the Covid-19 vaccine that protects most people, although there is still uncertainty about how quickly it will be rolled out. Meanwhile, U.S. The number of confirmed coronavirus cases has exceeded 11 million and some parts of Europe have returned to lockdown, raising concerns about the outlook for demand.
OPEC +, which is also facing increasing supply from Libya, will convene in late November for a major cabinet meeting to decide policy. Early indications are that group cuts may be delayed by three to six months at planned ease.
Howie Lee, an economist at OP Warsi-Chinese Banking Corp., said the turmoil on OPEC + would escalate faster in the next two weeks and be the main driver of oil prices for the rest of November. Nationwide lockdowns also eliminate major risks to the market, he added.
Brent’s three-month timespride in Contango was 67 cents a barrel – where compared to ભાવ 1 a week earlier, instant prices are cheaper than later dates. The narrow spread suggests that worrying about excess supply is easy.
See also: OPEC’s Coronavirus Waiting Game to Play: Julian Lee
Meanwhile, the account of Iranian Oil Minister Bijan Namdar Zangeneh was suspended via Twitter because he had violated the rules against impong, the company said. An Iranian oil ministry official, speaking on condition of anonymity, said the sanctions appeared to be linked to sanctions.
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