Oil on track to Decline 20% in 2020 Due to Isolation And Market Eyes on Further Stimulus

Global crude oil markets lost about a fifth of their value in 2020, as strict lockdown measures to combat the Coronavirus have crippled most of the global economy, but prices have rebounded strongly from their low levels as governments provide a stimulus.

On Thursday, the last trading day in 2020, the global benchmark Brent crude fell eight cents, or 0.2%, to $ 51.55 a barrel, and U.S. West Texas Intermediate crude lost 13 cents, or 0.3%, to $ 48.27 a barrel.

Brent and WTI have more than doubled from the lows recorded in April, surpassing a year that saw the first negative prices for WTI, which shocked investors around the world.

Asian stocks rose today, Thursday, and are heading to conclude the turbulent year 2020 at record highs, after investor hopes for a global economic recovery increased, which led to the dollar’s decline against most major currencies.

The dollar is ending 2020 in a downward spiral as investors bet that the global economic recovery will attract money to riskier assets even as the United States borrows more to finance its ballooning double deficit.

Global commodity markets are heading to conclude 2020 with a strong performance, in light of recovering demand and widespread stimulus packages, supporting prices after the turmoil caused by the Coronavirus pandemic.