“The headwind from the demand front is just terrific at this point,” said John Kilduff, a partner at Again Capital LLC. Meanwhile, road traffic in some European countries has fallen to the lowest since June, while air traffic in the continent is seen unlikely to return to 2019 levels within the next four years. On Thursday, Saudi Arabia cut most of its oil pricing for Asia, with the demand outlook cloudy. OPEC+ faces a tough test at its upcoming meeting at the end of the month, as the producer group weighs whether to move forward with a planned output increase. You’re not going to see that pick up in fuel demand and oil demand for the time being.” “The political uncertainty really leaves people hanging on and just waiting and seeing. “A presidential election doesn’t overnight solve the virus, the lockdowns, the lack of mobility in the country,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago.
Greece became the latest European country to declare a national lockdown, while a surge in virus cases in the U.S. The oil market is also contending with renewed lockdown measures across Europe that further threaten the demand outlook. While chances for a split Congress fueled optimism that there will be no major changes to taxes or regulations that have underpinned an equity bull market, it also raises the likelihood of any post-election virus aid package being smaller than initially expected. presidential election, with Joe Biden on the brink of claiming a victory.įutures in New York declined less than 1% after bouncing between gains and losses during the session. Oil edged lower as investors awaited the outcome of the tightly contested U.S.
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