*Russia Respond to Lockdowns by Assessing OPEC Cuts*
Russia are looking to push forward with the review of OPEC oil cut relaxations that are due on 1st January 2021 as prices look to not bounce back to pre-Covid levels anytime soon. The cuts made to output imposed by OPEC are due to be relaxed in the new year but Russia are looking to challenge this as the price continues to be held by increasing cases of the virus and falling demand as a result of widespread lockdowns. (FIS)
*Vitol, Trafigura See Further Oil Demand Destruction from Second Virus Wave*
Major trading houses are expecting the resurgence of Covid cases to cause havoc on oil demand estimates with Trafigura’s CEO expecting demand destruction to the tune of 1 million bpd in the states and 1.5 million barrels in Europe. Asian markets are said to have rebounded to near pre-Covid demand levels in most markets baring jet fuel. (Reuters)
*US Elections Weigh on The Uncertainty Within the Oil Market*
With just over 24 hours to go until the US elections, it is on track to be the highest turnout in over a century as the global economy waits with bated breath to witness the outcome on a fiercely fought campaign on both sides. Latest polls have Biden ahead, with a predicted 92 million postal votes already cast. Participants in the oil market will be watching eagle eyed, as oil throughout todays session has seen lows of $35.74 to highs in the day as of 1550GMT at $38.42. (FIS)