Investors still in doubt and a market that hesitates :
If crude oil prices are still unable to take a clear direction, it is probably because investors are torn between the current gloom and hopes for the future due to the still uncertain outcome of the covid-19 crisis. Indeed, while the virus continues to spread, some specialists still consider it a major threat to demand and short-term storage capacity.
On the other hand, the hopes linked to the vaccine market scheduled for the end of the year or the beginning of 2021 could lead to a rebound in speculation on the purchase of black gold. However, it must be noted that the health situation, which remains worrying, particularly in the United States, is still holding back this long-awaited impetus. Indeed and in the USA, more than 20 million people living in Southern California, for example, are again under confinement since the beginning of the week in order to relieve the pressure on hospitals which are already overwhelmed by a strong influx of patients.
Tensions between China and the United States are also weighing on the price of oil:
Another important factor to take into consideration and which is likely to have a negative effect on the price of crude oil this time is the intensification of tensions between China and the United States, as some analysts have pointed out.
Indeed, let us recall that the American government announced this Monday the implementation of new sanctions against China, even though the firmness against this country which was érigorously as the greatest threat to democracy, seems to be at the heart of a growing consensus between the teams of outgoing President Donald Trump and his successor Joe Biden.
Indeed, we know that trade and economic tensions between these two countries have already weighed heavily on the oil market in recent years.