Sunday , December 6 2020

Oil prices rise after Black Friday

By supporting oil prices, US stock markets rose as Cyber ​​Monday, the biggest online shopping day for the year. Raw futures are sometimes tracked with the stock market.

Prices have found some support as a crude stock in the center of the US in Cushing, Oklahoma, rose only from 126 barrels from Tuesday to Friday, traders said, citing a report by the Genscape marketing company.

However, concern over Saudi Arabia's demand for and recording of production limited the rebound on Monday.

Crude oil production in Saudi Arabia reached 11.1-11.3 million barrels a day (bpd) in November, the highest of all times, Reuters reported.

The rising dollar, which undermined demand in key emerging market economies, higher borrowing costs and the threat of global growth from the US-China trade dispute pushed investors out of assets that are more closely linked to the global economy, such as stocks or oil .

Only in November the hedge funds have withdrawn more than $ 12 billion from the oil market, on the basis of a record decline in Brent's net long-term stakes and a crude US futures and options over the average oil price of the month.

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