The oil market is experiencing the highest volatility of all time, as the world continues to struggle with the pandemic of the Covid-19. For this reason, the people of SimpleFX conducted a study of the behavior of the oil market, which we will share in this occasion. Recalling that, from the beginning of the year, the crude oil is in a recession and worsened as nations implemented blockades and travel restrictions. There was more oil storage space, affecting critically the world price of crude oil. Contracts of crude oil futures WTI crude may drop to -$ 40.32 per barrel for the first time, a historic drop in prices of 321%. As economies recover, oil prices seem to be on a roller coaster. USOIL began to rise on Tuesday as a positive response to the new crop of Saudi Arabia in oil production to support the global markets in difficulties. The production of oil of the kingdom will be reduced by 40% with a cut of one million barrels per day from June. Cuts in oil production and quarantine measures are relaxed, all contribute to the demand for oil will slowly recover. Do you approach the market to balance in the coming months? Price of the CFD crude oil WTI NYMEX from January 2020. Source: SimpleFX WebTrader
Current market situation of oil parallel to the Covid-19
The fluctuations of current in the price of oil within the market have great prospects of gain to the merchants in the midst of the pandemic of Covid-19. Take advantage of the volatility to market Trading of raw materials in global markets. It is not necessary to possess the physical asset itself. To predict the price changes of USOIL, UKOIL, and other assets and collect the income 24/7 in the comfort of your home using your computer or mobile device, by using the right platform. SimpleFX is a commercial application award-winning that allows you to buy and sell contracts in wide variants of assets, including crude oil and natural gas. There are three assets available: USOIL (WTI Crude Oil), UKOIL (Brent Crude Oil) and natural gas. USOIL and UKOIL are important assets in today because that experience extreme volatility. Commodities in SimpleFX WebTrader
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