Brent Crude Oil Price Exceeded 40 Dollars per Barrel
OREANDA-NEWS. The price of Brent crude oil has returned to the level above 40 US dollars per barrel. The price of the North American WTI oil exceeded 38 dollars. This is evidenced by data from the portal investing.com.
Brent quotes dropped below 40 dollars late last week. Overall, October was the worst period for the oil market since May this year. For two autumn months, prices for oil fell by more than 20 %. The drop was connected with growing fears about fuel consumption in the world due to the second wave of coronavirus pandemic, which forced a number of countries to reintroduce quarantine restrictions.
The increased volatility of the oil quotes is also caused by the anticipation of the results of the presidential election in the United States, which may greatly affect the volume of oil production in the country. If incumbent President Donald Trump wins, the American oil and gas industry will receive support, and production will grow. If Joe Biden from the Democratic Party wins, environmental restrictions and a decline in oil production in the USA are possible.