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On Thursday, the worth of oil continued to fall after the US presidential election, succumbing to the stress of the rising greenback.
The value of Brent decreased by 0.6% to $74.15, and WTI — by 0.88% to $70.97. Specialists observe that the strengthening of the greenback and weak demand are placing stress on the worth of oil. On the similar time, potential worth development elements are related to the opportunity of harder sanctions in opposition to Iran and Venezuela, in addition to the dangers of geopolitical aggravation within the Center East.
Analysts imagine that within the brief time period, oil costs could proceed to say no until severe geopolitical occasions happen. Different consultants imagine that Trump’s coverage geared toward supporting enterprise can contribute to the expansion of the financial system and gas demand. Nonetheless, intervention within the Fed’s easing coverage could have a adverse affect on the oil market.
Further stress on costs is exerted by a lower in oil imports to China and a rise in oil reserves in the US. It’s anticipated that Trump will resume the coverage of sanctions in opposition to Iranian oil, which can result in a discount in provides. This, in flip, could have an effect on costs sooner or later.
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