Market Analysis

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November 27, 2020 12:38 pm

Brent. November 27, 2020 – Oil is correcting after an upward rally

Yesterday Brent began to decline, interrupting the upward rally. Prices failed to hold on to the reached maximum near $49 per barrel and retreated to $47.45. The current quotation is $48.40 per barrel.

Most likely, the driver of the decline was the news that Venezuela, despite the US sanctions, resumed oil supplies to China. This once again caused investors to worry about a possible oversupply of oil.

The Venezuelan state-owned company PdVSA signed a contract with China to resume oil supplies in August this year. And after the publication of the results of the US presidential election, Venezuela apparently decided to ignore Trump's sanctions.

Today is a quiet trading day as the United States continues to celebrate Thanksgiving. Brent will fluctuate weakly around $48.50 a barrel.

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