Open Live Account

(Bloomberg) — Oil slipped to near $40 amid signals that coronavirus restrictions will slow the economic recovery and on signs of increased supply.

Futures fell as much as 0.7% in New York, after losing 2.1% last week in the third drop this month. The oil market’s recovery is expected to be long and gradual, Russia’s Energy Minister Alexander Novak said Sunday. Libya’s production has almost tripled to 250,000 barrels a day since a partial lifting of a blockade on the country’s energy facilities.

On the demand side, the economic rebound in China, the largest importer, showed signs of plateauing in September, according to early indicators. Crude prices will have little room to rise in the next quarter because the recovery in global demand is slowing due to new coronavirus-related restrictions on the economy, according to Vitol Group executive committee member Chris Bake.

Saudi Aramco (SE:2222) exported its first cargo of refined fuel from the Jazan refinery as the company prepares to start commercial shipments from the Red Sea plant next year.

©2020 Bloomberg L.P.

Source :

Legal: This website is operated by TRBHInternational Limited
Trading Rebate Broker is the TRBHInternational Limited , Room 2204,299QRC, 287-299 Queen’s Rond,Central
TRBHInternational Limited was incorporated on 05-JUN-2020 as a Private company limited by shares registered in Hong Kong. It’s company registration number is: 2949329.

Hong Kong Companies Directory – About TRBHInternational Limited’s information may come from different sources and aggregate fill. All information published on our website are for reference only. If you want to update any information on this page, please use your company’s official email account to contact us. When you give us your information, you do not need to spend any cost. Our goal is to help every business growth. This information may have been updated since the last change,please visit the official website of hong kong companies registry to check the latest results.

Risk Warning: Forex and CFD trading involves a significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.