GLOBAL CRUDE OIL PRICES FALL BACK BELOW $ 45.00 PER BARREL TODAY

27.11.2020
Market News
27th Nov. - The increase in oil prices in recent weeks has stopped for a while today. The price fell again to below $ 45.00 a barrel today, compared to the highest price recorded this week at $ 46.20. Prices are currently hovering around $ 45.00 - $ 44.90 as of today. Overall oil price movements rose throughout November by 2%. Among the factors contributing to the increase in global crude oil prices are the sharp drop in oil inventory savings in the US as well as reports on the covid-19 vaccine which hopes for economic recovery to occur as well as increasing demand for crude oil. Data released by the United States revealed total crude oil inventory savings fell by 754,000 barrels last week, in contrast to expectations made by Reuters expecting an increase in savings of 127,000 barrels. The situation is slightly tense between the Organization of Petroleum Exporting Countries (OPEC) countries where some countries do not agree with the proposal to continue cutting oil production until January 2020. Countries that are heavily dependent on oil revenues in generating the economy feel pressured by the low crude oil price situation throughout 2020 and are very hopeful of producing oil on a larger scale while prices are still high at the moment. 
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AHMAD FAIZUDDIN BIN RAZALICHIEF ANALYST OF CDG GLOBAL