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European Union announced that it will be closed for 30 days, Oil price outlook is not optimistic

European Union announced that it will be closed for 30 days

The number of new coronavirus infections worldwide has exceeded 200,000, and Europe alone accounts for a quarter. In order to prevent the spread of the epidemic, the EU leaders announced that they will "close the customs" for 30 days after the emergency meeting, restricting the entry of non-EU citizens, but Switzerland, Liechtenstein, Iceland, Norway, the four god-root countries and British nationals are not affected. As for medical and freight personnel, etc., they can be exempted. Fearing that Europe's "closed customs" may cause the supply chain to break, severely damaging the economic prospects, and triggering large fluctuations in the global financial market, hedging demand led the US dollar to successfully break through the 100 mark.

 

Oil price outlook is not optimistic

The Saudi Ministry of Energy stated that it has asked the national oil company Saudi Aramco to maintain a daily crude oil export volume of 12.3 million barrels in the coming months. In addition, the US Energy Information Administration EIA announced that last week crude oil inventories increased by 1.954 million barrels, although lower than market expectations of 440 barrels, but failed to bring support for oil prices. The spread of the global epidemic has suppressed demand for crude oil. At the same time, the price war between Saudi Arabia and Russia shows no signs of easing, which has kept international oil prices under pressure and hit a new low of nearly 18 years.

 




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