hello traders here is new update to our previous analysis
the prices remained elevated and were still on the rise on Thursday,
hitting an 11-month high, as the effects of Saudi Arabia’s surprise announcement about an additional million barrels of crude oil production cuts still has enough juice to withstand civil unrest in the United States and the global pandemic.
he oil market seems to be focusing more on what Saudi Arabia can do to rebalance oil’s supply and demand than on any political instability brewing in the United States. The oil markets also seem to be discounting the serious impact that new waves of lockdowns will have on the overall demand picture.
the prices remained elevated and were still on the rise on Thursday,
hitting an 11-month high, as the effects of Saudi Arabia’s surprise announcement about an additional million barrels of crude oil production cuts still has enough juice to withstand civil unrest in the United States and the global pandemic.
he oil market seems to be focusing more on what Saudi Arabia can do to rebalance oil’s supply and demand than on any political instability brewing in the United States. The oil markets also seem to be discounting the serious impact that new waves of lockdowns will have on the overall demand picture.
