Crude oil futures fell during mid-morning Asian trade Nov. 2, as the UK’s announcement of a national lockdown weighed on the demand outlook for the oil complex, and as the market exercised caution heading into the US election. #spglobal.com
Biden Win Could Cause A Huge New Oil Glut?
Biden pledges to offer Tehran a path back to diplomacy and a return to the nuclear deal. That is if Iran returns to full compliance with that agreement, hammered out while Biden was President Obama’s vice president. – #oilprice.com
Biden plan to bring Iran into the fold will have consequences for the oil industry already grappling with a anticipated oil glut after the E.U goes into a second round of lockdowns. The only thing keeping iran from the Oil markets was the anti Iran geopolitical war hawks.
Meanwhile, the novel coronavirus continues to ravage already-battered economies. Europe’s new COVID-19 cases have doubled in five weeks, a Reuters tally showed, with total infections surpassing 10 million. cnbc.com