The Biden administration has asked some of the world's largest oil consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter.
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The US presidential election is held on November 3 (local time) as scheduled. The result may be delayed due to the mail-in voting triggered by the pandemic.
Although WTI recently suffered a sharp loss to $39.57 amid the increase of oil production in Libya and the outbreaks in Europe and America, it may gain strength later from the deeper oil output cuts of OPEC+ and the U.S. presidential election.
As of early this morning (GMT+8), WTI ended higher 1.95% with oil prices increasing in the wake of the meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC).
Lately, oil prices suffered a sharp loss on the sluggish demand, shrinking to $36.12 for a high above $43.0 and refreshing the three-month low.
WTI crude oil embraced a steep rise in prices, up 4.5% to the high level of $43.68, compared to its low level of $41.76. It has recorded a fresh five-month high since March 6.