Oil prices fell to their five-month lows Monday morning, fearing another joint recession.
Brent crude slid 4% this morning to $36.41 per barrel, but US crude slid over 4.5% as more countries fell into lockdown.
Brent crude prices have fallen 45% this year.
“The Covid-19 incident continues to break records in the US during Election Week, and its impact has only been settled by the fact that 90 million Americans, including the president, voted early,” explained Jeffrey Halley of Oanda.
“Europe continues to have deep concerns, with the UK unveiling a new national lockdown light on Saturday, with my count, Belgium, Greece, Austria and Portugal all participating in varying degrees. The judges are still out on whether your cake and eating approach will work. But the downstream impact on consumption is clearly the most visible in oil.”
“Oil prices are currently growing at the Asian open, and they are still undergoing treatment on the sidelines.”
The energy company has been hit hard this year, with both BP and Shell cutting thousands of jobs. BP is 10,000 jobs to save costs amidst low demand, while Shell cuts 7,000-9,000 jobs.
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“I think their first second wave forecast for the eurozone is too optimistic after France tightens its lockdown measures and will likely quickly downgrade analysts its fourth quarter economic outlook and strengthen sales pressure.
“OPEC+ is managing the supply side to ensure that there is no unlikely to be a repeat of the November March rollover.
“Nevertheless, traders appear to be preparing to rerun the related price collapse that we saw as there is uncertainty during the end of this month, and therefore the OPEC meeting has an oil complex hedge that OPEC+ could be too early for them to adjust at this stage.”
