Very little price change has occurred with crude oil prices on Presidents’ Day after OPEC + has not yet decided to impose further production cuts to offset demand concerns caused by the coronavirus outbreak.
President Trump threatened to impose high tariffs on car imports from the European Union if they do not come to an agreement on a new trade deal. The new deal could amount to 25% more on cars from the European Union.
Today, stocks stalled out near record highs which remain on track to be their best year in a decade. Optimism about the global economy is still at the fore as the U.S. and China continue to improve on trade relations.
A recent survey conducted by Reuters found that OPEC oil output has dropped during the month of November from October by 110,000 barrels per day (bpd). The cause is from Angola Production fell due to maintenance, along with Saudi Arabia halted supply output before the initial public offering of state-owned Saudi Aramco.
Many will be hitting the road sometime today for Thanksgiving, unfortunately storms are heading in and could potentially cause travel disruptions. Heavy snow has already caused cancellations at the Denver airport and there is a high risk of mudslides in portions of California.