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Oil Demand Limited Its Price Trend
Abstract：Recently oil’s strong resistance level is at 40-41 USD, which manifests slightly mitigated risk aversion in market. However, oil price is unlikely to be strong due to the oil demand under the outbreak of coronavirus pandemic.
WikiFX News (5 July) - Recently oils strong resistance level is at 40-41 USD, which manifests slightly mitigated risk aversion in market. However, oil price is unlikely to be strong due to the oil demand under the outbreak of coronavirus pandemic.
According to Citibank on July 1, the increase of oil demand may never reach the pre-coronavirus level. Whats worse？ WHO reported over 10.3 million confirmed coronavirus cases globally, and being the biggest economy in the world, the coronavirus situation in the US is most concerned by the market.
Whether the second wave of coronavius pandemic or economic activities suspension due to COVID-19, both will affect the oil demand significantly.
According to the data by IATA, the load factor of global airlines is 50.7% in May, a record low. And the traffic volume is expected to drop by 36% at the end of 2020.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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