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Oil prices down slowly due to corona virus crisis in Europe
Category: Energy Market
Posted by on October 26, 2020 at 08:04 AM
The financial markets do not calculate the markets in Europe. Almost all countries in the Euro Zone ban many actions due to the corona virus. At the same time the oil prices remain at the same level. The reason is that the locomotive of the world industry is South-East Asia. The situation in this part of the world with the corona virus is normal and the economy is in power.
The oil price (USOil) down from $40 to $38.40 today after the starting crisis couple of days earlier. expects to see not so big down movement to level of $34-$35 if the situation in China and rest countries in South-East Asia is under control.
As overall the crisis with corona virus in Europe will remain very difficult with new restrictions. The situation may change after U.S. Election after 10-days.
The trading strategy in trading with oil is to open short positions and avoid new position during the U.S. Election day.

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