Oil prices down slowly due to corona virus crisis in Europe
Oil prices down slowly due to corona virus crisis in Europe
October 28, 2020
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The financial markets do not calculate the markets in Europe. Almost all
countries in the Euro Zone ban many actions due to the corona virus. At
the same time the oil prices remain at the same level. The reason is
that the locomotive of the world industry is South-East Asia. The
situation in this part of the world with the corona virus is normal and
the economy is in power.
The oil price (USOil) down from $40 to $38.40 today after the starting
crisis couple of days earlier.
World-Signals.com expects to see not so big down movement to level of
$34-$35 if the situation in China and rest countries in South-East Asia
is under control.
As overall the crisis with corona virus in Europe will remain very
difficult with new restrictions. The situation may change after U.S.
Election after 10-days.
The trading strategy in trading with oil is to open short positions and
avoid new position during the U.S. Election day.