Oil has little room to rise in Q4 – Vitol
|Vitol, the world's biggest independent oil trader, sees little scope for oil rally in the fourth quarter as global demand is slowing due to new coronavirus-related restrictions, according to Bloomberg.
"The conventional wisdom going into the fourth quarter was that things were going to improve," Vitol Group executive committee member Chris Bake said during a conference call hosted by Dubai consultant Gulf Intelligence, and added that, "it doesn't feel like we have a huge catalyst and demand is more uncertain."
Several European nations have recently reimposed restrictions on travel and social gathering due to a resurgence of coronavirus cases across the continent.
Brent oil is currently trading near $40, having declined from $43.78 to $36.13 in the nine trading days to Sept. 8.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.