Oil nosedives after new lockdowns in Europe and US COVID-19 cases trigger ‘fire-sales,’ but the market is still far off from Black April
- Date: 02-Nov-2020
- Source: Business Insider
- Sector:Oil & Gas
- Country:Middle East
Oil nosedives after new lockdowns in Europe and US COVID-19 cases trigger ‘fire-sales,’ but the market is still far off from Black April
REUTERS/Jim Urquhart
Oil prices slumped another 4% on Monday, after fresh virus-induced lockdowns in Europe and US COVID-19 cases broke the global daily record.Investors fear that new lockdown measures and retreating demand for fuel will further dent economic growth."Right now, the oil market is in the middle of a second round of forward fire-sales," Bjarne Schieldrop, chief commodities analyst at SEB, said."The holiday season could turn quietly chaotic for oil markets, as folks will opt to isolate rather than celebrate, possibly sending both mobility and fuel consumption even lower," Stephen Innes, chief global market strategist at Axi, said.Visit Business Insider's homepage for more stories.
Oil prices fell for a fourth day on Monday, losing another 4%, as investors fret over the rise in US COVID-19 infections and the slew of new
Select Sector 
Select Country 
