Oil nosedives after new lockdowns in Europe and US COVID-19 cases trigger 'fire-sales,' but the market is still far off from Black April | Markets Insider

dropped as much as 6%, to $34.21. The price of oil has fallen by almost a quarter since late August.

Oil prices are weaker than they were in late September, but are still far off from the distressed levels seen in April and May, when the price of US crude fell to -$40 a barrel. Traders haven't just sold crude futures contracts for near-term delivery. The price for crude for delivery in two years' time has also dropped, although not as dramatically. December 2022 crude futures have fallen by around 16% in this time.

SEB Research believes that while a Biden win is bearish for oil in the longer run, the current price of $42 a barrel for 2022 delivery is too low.Buy these 13 stocks that are set to crush expectations and rally after their earnings, Jefferies says - including a top pick that could surge 79%

Oil could be a good buying opportunity at these levels

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The oil industry actually hasn’t done that well under TrumpThe oil industry actually hasn't done that well under Trump, despite his claims: So far least 40 U.S. oil companies have sought bankruptcy protection in 2020 while dozens of others have slashed spending and cut tens of thousands of jobs And... before the pandemic? So this is the “Trump will destroy oil and gas just like Joe” response. 😂 We're officially disclosing all the evidence, let's start with the correspondence between Biden and CCP.
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