Oil price tests higher levels but concerns over India and Japan pushes it back
The price of oil went up on Friday. On a settlement of $ 62.14, a barrel of West Texas Intermediate became 1.2 percent more expensive. On a weekly basis, however, the oil price lost 1.6 percent.
The market is trying to clarify “what outweighs the demand for oil; the style of Covid-19 cases in India and Japan or the increasing demand in the US and Europe,” said analyst Paola Rodriguez-Masiu of Rystad Energy.
According to Rodriguez-Masiu, the oil market is particularly concerned by the Indian and Japanese coronavirus figures. In India, a record number of infections was recorded in the last 24 hours of 330,000. In Japan, the state of emergency has passed in Tokyo, among others. India and Japan are the largest oil mills in the world after China and the United States.
Apart from the big name in the Covid-19 cases in India and Japan, the technical picture for oil is reasonable, says analyst Michael Tran of RBC Capital Markets.