Oil Prices Are Trading at $ 43

With the increase in the number of cases in the coronavirus outbreak, investors' attention turned to tightening crude oil supply and strong US economic data, and barrel prices were at $ 43. Oil sales prices are stuck in a very narrow area due to the factors that balance each other. Oil prices were traded in London at $ 43 a barrel, as investors turned their attention to crude oil supply stuck in a narrow area due to increasing numbers of cases and strong US economic data. While Libya's oil exports are expected to decrease this month after the opposition blocking export ports, this data added to the OPEC + coalition's supply cuts, while data released last week showed that the labor market in the United States jumped in June. On the other hand, the increase in the number of coronavirus cases in the USA has had a great impact on the number of global infections to exceed 11.3 million, which has led to increased concerns that the recovery may be off track. Brent oil has doubled its price since April as the OPEC + coalition went to cut production to address the supply surplus, while the increasing number of coronavirus cases around the world raised concerns about energy demand and prevented prices from rising further. Russian Energy Minister Alexander Novak said in a speech last week that OPEC and its partners have not yet decided not to cut production for post-July. "Oil prices reflect the overall instability that the market is facing. Futures are likely to peak for now," said CMC Markets Asia Pacific chief market strategist Michael McCarthy. "There are concerns about demand due to the increasing number of infections on a global basis, and some countries in the world are considering bringing back restrictions," he explained. Brent oil in September, gained 0.6 percent after the 4.3 percent increase in the ICE Futures Europe market last week, rose to $ 43.05 per barrel at 12:55 hours Singapore time. The number of net long positions (position opened with the expectation of an increase) in Brent oil reached the peak of 17 weeks. West Texas oil (WTI) in August was down 18 cents in the Nymex market, compared to Thursday closing, falling to $ 40.47 a barrel. Since the USA was closed due to the holiday, this contract did not close.