See also
08.10.2020 07:50 AM
The raging Hurricane Delta near the coast of the United States and stimulating support for the US economy in the amount of $2.2 trillion caused the growth of oil prices.
Last week, oil prices plunged to a three-month bottom, but did not stay there for long.
On Tuesday, negotiations were again held between the Democrats and the US Treasury on a new economic "package". It includes $600 which is a monthly unemployment benefit, a direct one-time payment in the amount of $1,200 to taxpayers, tax holidays for corporations, and subsidies to homeowners to keep their tenants from being thrown out onto the street.
The Democrats initially offered a $3.4 trillion stimulus. Whether financial support will be realized is not clear. However, these promises support oil prices.
Meanwhile, hurricanes are raging again in the Gulf of Mexico, which provides nearly a fifth of American oil production. Due to the danger, the largest oil-producing companies stop their work and evacuate the personnel, as hurricane Delta is gaining momentum.
Its strength is terrible, the wind reaches a speed of 215 km/h. According to forecasts of the US National Hurricane Watching Center, closer to Friday Delta will reach the coast and hit the areas where almost 50% of American oil refining is concentrated.
In addition, oil supplies in Norway will be cut with a total capacity of 330,000 barrels per day due to striking employees. In general oil production in the country fell by 8%.
However, on Wednesday, oil futures quotes rose.
Brent crude rose by 1.74% to trade at $41.91 per barrel. WTI crude grew by 2.11% to settle at $39.81 per barrel.
The US Dollar Index, which measures the US dollar against a basket of six major currencies, rose by 0.20% as well to hit $93,930.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
