Crude oil prices tanked today as fears of a second wave of the virus rocked nearly every financial market. Certain states, particularly in the West\/South, are near or at record high numbers for new cases in a 7 day period (such as California, Arizona, and Florida). Texas had three days in a row of record COVID hospitalizations as total US cases pass 2 million. Oil has been previously rallying on the back of an uptick in demand paired with record supply cuts, but data on Wednesday from the EIA showed a surprise build in inventory, suggesting that the demand recovery may have stalled. Conversely, today\u2019s price drop could also reflect the end of a price boost that came from initial reopening\u2019s. The Fed tone after its meeting yesterday was extremely Dovish, saying they see rates near zero through 2022. In fact, Chairman Powell in a press conference said \u201cI have not even thought about raising rates\u201d. The Dovish tone was interpreted by some that the economic situation is still dire and that we are in this for the long haul. WTI traded down $3.43 or 8.66% to close at $36.17. Brent traded down $3.53 or -8.46% to close at $38.20.<\/p>\n\n\n\n
Crude oil prices tanked today as fears of a second wave of the virus rocked nearly every financial market. Certain states, particularly in the West\/South, are near or at record high numbers for new cases in a 7 day period <\/p>\n","protected":false},"author":2,"featured_media":996,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n