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Market News Oil price is rising but under pressure, looking forward to the completion of the U.S. economic plan

Oil price is rising but under pressure, looking forward to the completion of the U.S. economic plan

The increase in global cases poses a threat to oil demand, and the increase in oil production in Libya has restricted the continued rise of oil prices.

LEO
2020-10-21
632

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Crude oil futures rose during Asian trading hours. Due to the decline in the US dollar and the market expectation that the United States will reach an agreement on an epidemic relief plan.


New York Mercantile Exchange December crude oil futures, the transaction price rose 0.53% before the deadline, trading at USD41.48 per barrel.


The December transaction price of Nymex Brent crude oil rose by 0.60% to USD42.90 per barrel; while the contract price of Brent crude oil and crude oil was set at USD1.42 per barrel.


Faced with the impact of the epidemic on demand, a ministerial group of OPEC+ formed by the Organization of Petroleum Exporting Countries (OPEC) and its allies pledged to support the market on Monday.


However, these countries plan to reduce the scale of production cuts in January from the current 7.7 million barrels per day to about 5.7 million barrels per day.


OPEC member Libya is increasing production after armed conflict in January stopped almost all oil production in the country, injecting more oil into an already oversupply market. The country does not participate in the production reduction agreement.


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