(Bloomberg) – New York raised $ 41 per barrel as oil for the presidential election. Joe Biden announced a national lockout to stop the spread of Kovid-19, which would do away with measures that would cripple the economy.
One of Biden’s top advisers said the targeted local remedy was the preferred method of dealing with the virus. The impact of the epidemic on demand is likely to focus primarily on Tuesday’s meeting of OPEC’s Joint Ministerial Monitoring Committee, which typically reviews compliance with production cuts. The supply policy will not be set this week, but traders will be looking for any signs that the planned curb of the output curb will start from next year.
Oil imposed its biggest weekly advance on a Kovid-19 vaccine from early October to Friday after news of success, which saves most people, though there is still uncertainty about how soon it can be rolled out. Meanwhile, it has been confirmed that the number of coronovirus cases in the US is more than 11 million and a return to lockdown in some parts of Europe, raising concerns about demand.
OPEC +, which also faces increasing supplies from Libya, will gather in late November for a large ministerial meeting that will set policy. There are early indications that plans for group reductions may be delayed by three to six months.
“Negotiations on OPEC + will accelerate rapidly over the next two weeks and will be the main drivers of oil prices for the rest of November,” said Howie Lee, an economist at the OPEC-Chinese Banking Corporation. He added that nationwide lockdown also removes a significant risk to the market.
Brent’s three-month timepred was priced at 67 cents a barrel – where early prices are cheaper than later dates compared to $ 1 a week earlier. Narrow spreads indicate that concerns about over-supply are declining.
See also: OPEC Got to the Coronovirus Waiting Game: Julian Lee
Meanwhile, Twitter suspended the account of Iranian oil minister Bijan Namdar Zanganeh as it violates rules against impersonation, the company said. An official from Iran’s oil ministry, who asked not to be named, appeared to be linked to the sanctions ban.
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