WTI crude futures fell near $ 48 on the day. Which is trading on the last day of 2020
Oil prices have plunged around 20% this year, pressured by lockdown measures. Which has affected the economy And the need for oil
At 21.26 Thai time, the West Texas Crude Oil Agreement (WTI) for February delivery. It traded down 39 cents, or 0.81 percent, to $ 48.01 a barrel.
Oil prices face negative conditions in April. Which is the first time in history Amid worries about falling oil demand from the impact of the COVID-19 epidemic While governments around the world take measures to lock down. This includes ordering people to stay indoors and prohibiting travel to control the spread of the virus.
However, oil prices have recovered after that. After relaxation measures, lock down Which led to an open economy And increase the consumption of oil
Investors keep an eye on meetings of the Petroleum Exporting Countries (OPEC) and allies. Or OPEC Plus on January 4, 2021 after the resolution to cut oil production by 7.2 million barrels / day. From 7.7 million barrels / day At the meeting on December 3, which will be effective from January 2021. This will result in OPEC Plus adding 500,000 barrels / day of oil production.
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