Oil prices keep hovering at $40
Due to the outbreak of the epidemic, many cities around the world have been closed and normal economic activities have been greatly affected. The current New York futures oil price has been maintained at around US$40, largely due to the substantial reduction of 7.7 million barrels of oil per day by the Duode Oil Group. But once Biden comes to power, the oil group will have to make greater efforts to support oil prices. It must be understood that after Trump took office, he imposed economic sanctions on Iran and Venezuela, two major oil exporters. The global lack of huge oil exports from these two countries can be regarded as a positive factor for oil prices. However, if Bibi takes power to change the policies of the two countries, such as allowing the two countries to re-export oil, so that the oil group will support oil prices, it will have to make greater efforts. Of course, it will take some time for Bi to be on stage to change his belief in Iran and Venezuela.
Due to the epidemic, Goldman Sachs lowered its economic growth expectations for the United States and Europe
Goldman Sachs lowered its economic growth expectations for the United States and Europe, citing concerns that the epidemic will accelerate its spread during the winter. The Goldman Sachs analyst team lowered the US economic growth forecast for the first quarter of 2021 from 7% to 3.5%, and sharply lowered the European economic growth forecast for the fourth quarter from 9.1% to a contraction of 8.7%. They also warned that if the epidemic continues to worsen, economic risks in the United States and Europe tend to decline.
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