A slight consolidation while waiting for new elements:
There is thus a slight consolidation in crude oil prices while waiting for new elements as noted by analysts specializing in this sector.
In the absence of major developments on the oil front, investors are indeed refocusing on the precarious equation between production and global needs. Indeed, there are strong concerns that supply is set to increase, especially as production from OPEC members and their allies resumes to rise. However, according to analysts, this gradual reopening of the taps should be offset by a recovery in demand.
Restrictions still numerous in certain countries:
It should be remembered that several European countries, such as France, are still subject to very strong restrictions that are weighing on crude oil consumption, while others seem to be gradually emerging from the crisis, particularly thanks to the acceleration of campaigns to increase oil prices.in the United Kingdom, for example, some non-essential businesses have gradually reopened this week after being strictly confined since January.
On the Asian continent, on the other hand, new waves are leading to fears of a risk to the consumption of black gold, which calls for the greatest caution. India became on Monday the second most affected country by the virus after Brazil with the recording of a new record of more than 168In India, a new record of more than 168,000 new infections per day and more than 873,000 infections over the last 7 days, an increase of 70% compared to the previous week, according to data compiled by AFP.
In Thailand also, about forty provinces have just set up restrictions on the entry on their territory as well as quarantine measures for the visitors coming from Bangkok and other cities of the country because the authorities fear an extension of the epidemic on the eve of the New Year holidays.
It will thus be necessary to await a few more days and new data, in particular concerning the production before understanding what could be the future of the black gold on the market and its probable evolution.