“The upcoming US elections in November are becoming increasingly unpredictable.
This is the main factor in today's decline.
Plus, China.
Already by July, he showed a consumption level of more than 12 million barrels per day.
This is a very important indicator.
China is the world's main oil consumer.
Now we see that a number of countries are announcing the start of the second wave of coronavirus.
And this will become a negative factor in the economic slowdown and a very likely slowdown in oil consumption.
Moreover, Venezuela is an important factor.
We do not understand how the sanctions policy will develop in relation to it, ”the expert said.
In his opinion, "imbalance" is possible by the end of this year or at the beginning of 2021.
“But in the spring the situation should begin to stabilize and it will probably even be possible to talk about some kind of price increase,” added Kosolapov.
Earlier, lard was known that world oil prices are falling by more than 4%.