Brent: Buyers Hold $ 80

On Monday, November 15, oil trading ended with an increase in quotations. By the end of the day, Brent crude fell 0.03% to $ 82.08. In the European session, the price dropped to $ 80.64. Market participants are worried about a possible decrease in demand for crude oil from a new surge in Covid-19 infections. The authorities of a number of European countries (Denmark, France, Italy, the Netherlands, Greece) are forced to tighten anti-coronavirus restrictions in order to reduce the rate of spread of the virus.

The White House has stepped up verbal pressure on OPEC + to increase production to lower oil prices. The rise in energy prices has increased inflation. Expectations of tightening central bank policy are supporting the US dollar and putting pressure on the oil market.

On Tuesday, November 16, at trading in Asia, a barrel of Brent is worth $ 82.69 (+ 0.74%). Buyers defended the $ 80 / bbl level. As part of the correction, we can now again consider a recovery to $ 83.50. There are currently no factors for the oil rally.

In the coming days, the price will keep its sideways movement in the range of $ 80.00–85.50.