Oil Price: upward momentum noticed at the weekend

 

weekly oil price

Oil prices continue to soar as the markets approached the weekend. The slight reduction of the US oil inventories may have played its usual part in stabilizing the price.

At present, there are signs it may stay bullish for now. There are a few scenarios that may decide the rate of recovery, especially in the light of the second wave of Covid-19 in Europe and elsewhere.

A sensible approach by the OPEC may have played a role it the current trend. There are no signs that the global body will aggressively go for substantial cuts in the current circumstances.

Hurricane Teddy, meanwhile, has lost its strength from category 4 to category 3, which could have disturbed the markets the way Hurricane Sally did.

 

Hurricane Teddy

 

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