Mon. Sep 21st, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Oil prices mixed on storm-driven output cuts, rising Covid-19 cases

1 min read

Crude oil prices were mixed on Monday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.

Brent crude oil futures added 5 cents, or 0.1%, to $45.18 a barrel by 0055 GMT, while U.S. West Texas Intermediate crude was down 9 cents, or 0.2%, at $42.53 a barrel.

“A jump last week in the U.S. rig count and mixed data on COVID-19 infections are having a muted negative effect on oil this week, thanks in part to the possible disruption from two separate hurricanes moving into the U.S. Gulf Coast region,” said Stephen Innes, chief global markets strategist at AxiCorp.

Energy companies moved to cut production at U.S. Gulf Coast oil refineries on Monday after shutting 82% of the area’s offshore crude oil output as the rare double-storm assault on key U.S. oil regions threatens to bring days of heavy rains and strong winds this week.

Producers have shut more than 1.5 million barrels per day of Gulf Coast offshore oil production, nearly 14% of the nation’s total output.

A top U.S. infectious diseases expert warned on Monday that rushing out vaccines could undermine trials of other promising candidates, following a boost to markets after U.S. regulators authorized the use of blood plasma from recovered COVID-19 patients as a treatment option.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.