International crude oil markets face uncertainty due to U.S. election

Last week, U.S. WTI crude oil fell $4.06 to close at $35.79 a barrel, a weekly drop of 10.19%. Brent crude futures fell $4.13 to settle at $37.94 a barrel, bringing their weekly loss to 9.82%. At the same time, the two data also hit a 5-month low. A few days ago, the US election day has also entered the last sprint weekend. It is reported that polls believe that Biden has about a 65% chance of winning. Analysis shows that the US Democratic presidential candidate Joe·Biden promises he will fight if elected“Clean Energy Revolution, Biden's Clean Energy“revolution”It will challenge the fossil fuel industry, which will hit the crude oil market outlook. But the gaming market as a whole is more supportive of Trump, arguing that his chances of re-election are about 35% to 45%. 70% of bets this week are on Trump. In short, before the US election, the crude oil market is facing uncertainty, and the final direction will be decided after the election. At present, the new crown pneumonia epidemic in the United States is showing a big outbreak situation. On October 30, the number of new cases in the United States exceeded 99,000 in a single day, breaking a global record. Many companies have been devastated by the epidemic. According to incomplete statistics, at least 500 large companies in the United States have declared bankruptcy. According to foreign media, Exxon Mobil, the largest oil giant in the United States, will lay off 15% of its employees worldwide in the next two years. This is an unprecedented layoff for the largest oil exploration company in North America. The epidemic in Europe is still deteriorating. According to incomplete statistics, at least 12 European countries, including Germany, France, Ireland, Italy, Spain, Czech Republic, Belgium, the United Kingdom (England), Austria, Greece, the Netherlands, and Poland, have Containment of the epidemic announced“blockade”make. The Libyan side said that crude oil production will increase to 1 million barrels per day next month, and the rate of increase in production far exceeds market expectations, making it difficult for the Organization of Petroleum Exporting Countries (OPEC) to evaluate the crude oil production limit agreement. OPEC and its allies such as Russia. The coalition is scheduled to hold policy meetings on Nov. 30 and Dec. 1. Prior to this, the overall tone of international oil prices was dominated by a downward trend under the pressure of the epidemic. In addition, the North American region begins to implement winter time, the US and Canada financial market trading hours (gold, silver, US oil, stock market, etc.) and economic data will be released one hour later than the summer time, the US EIA crude oil inventory data will be released next Wednesday ( November 4) at 23:30, the Federal Reserve’s interest rate decision will be announced at 03:00 next Friday (November 6), and the US non-farm payrolls report for October will be announced at 21:30 next Friday, so stay tuned.