Robert Miller, Senior Broker at Elite Trading weighs in on Oil and Corona Virus

More than 25,000 new were reported on Saturday alone in the United States, where more than 2 million people have been infected, about a quarter of the cases worldwide.
By: Elite Trading
 
SINGAPORE - June 15, 2020 - PRLog -- Oil prices fall as new coronavirus infections hit the US and China, feeding into worries that renewed lockdowns could slow economic recovery and dent fuel demand.

US West Texas Intermediate crude fell to $35.91 a barrel. Brent crude rose to $38.61 a barrel

After nearly two months with no new infections, Beijing officials reported 79 corona virus cases over the past four days, sparking fears of an outbreak in one of the world's most populous cities.

"As a trader you are always watching events like this that may impact the market and" said Robert Miller, Senior Broker at Elite Trading.

Economic data from China show they are  struggling to get back on track. Industrial output in May expanded 4.4 per cent from a year earlier, less than expected.
Germany's economic output will also fall further in the second quarter, its economy ministry said on Monday.

An OPEC-led monitoring panel will meet Thursday to discuss ongoing production cuts and see whether countries have delivered their share of reductions. Iraq agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the country's giant southern oilfields told Reuters on Sunday. Saudi Arabia has also reduced the volume of July-loading crude it will supply to at least five buyers in Asia.

Learn more at https://www.elitetradingint.com

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