Crude Oil Price Update – Correction Likely To Begin In The Event Of Sustained Movement Under $ 39.36

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West Texas crude oil futures closed at their highest on Thursday as traders reacted to a better-than-expected US non-farm payroll and lower unemployment, while showing little reaction to an increase in weekly unemployment claims and the spike in COVID-19 cases. . Prices were also supported by a drop in inventories of crude oil in the United States reported earlier in the week.WTI crude oil was $ 40.65 on Thursday. For the week, the American index was up 4.7%.

Non-farm payroll data represent the past, while weekly unemployment claims represent the future. Currently, the market is supported by the relaxation of travel and business restrictions, which promises future demand. A second wave of coronaviruses, however, will dampen those hopes and likely curb prices.

If states begin to apply new restrictions or restrictions, prices are expected to fall, as this will lead to lower demand for gasoline and distillates.

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