1. Pressurized Oil Market
2. Great Britain is waiting for the results of the US presidential election
3. Stock indices open the week in the red zone
The oil market opens the trading week with a fairly strong down gap. The increasing number of COVID-19 infections in the United States and Europe has raised concerns about a further recovery in oil demand. Against this background, a number of large oil-producing countries are increasing production. In Libya, production can reach 1 million barrels. per day for the next 4 weeks. Production in the US Gulf of Mexico is being actively restored. In January 2021, OPEC countries intend to increase production by 2 million barrels. per day.
According to the Guardian, to make a final decision on Brexit, British Prime Minister Boris Johnson is waiting for the results of the US presidential election. If Trump wins, Johnson can go to Brexit without a trade agreement with the EU. If Biden wins, Johnson may make concessions in negotiations to conclude a trade agreement with the EU.
World stock indices open the trading week in the red zone amid a surge in COVID-19 incidence in Europe and America. In Russia, a record number of new infections were recorded per day - 17,340 people. The rapid increase in the incidence in Italy continues, 19,143 people per day. Two days in a row record record morbidity in the United States. Spain declared a new state of emergency, and Italy limited the work of restaurants and bars.
News to pay attention today:
08:00 GMT. Germany: IFO Institute Indices for Germany
14:00 GMT. U.S.: Sept. New Home Sales Data