the price of “black gold” standard grades in the course of trading day on Friday showed stable positive dynamics in the hopes of recovery in global demand for raw materials.
K 13:25 GMT August futures for North sea petroleum mix of Brent rose by 0.76% $41,34 a barrel, August futures on West Texas crude fell 0.52% to $39,22 per barrel, according to PRIME.
As the Director of the Academy of management Finance and investment Arseniy Dadashev, “at the moment, the recovery of demand for risk contribute to the further advancement of the quotes in the North, the sick, the demand for the dollar has weakened somewhat after the recent rally”.
Recall that from the beginning of this year on the global oil market rode several waves of falling prices for “black gold”. A negative situation was caused by a whole complex of factors: a General overproduction of raw materials, a sharp drop in demand due to the rapid spread of coronavirus infection COVID-19 (March 11, was declared a pandemic) and concerns about its impact on the global economy and the collapse of the deal, OPEC+ (officially from April 1, but in fact, after fruitless negotiations of the countries-oil producers at a meeting on March 6 in Vienna).
However, on April 12 OPEC+ agreed on a new deal, joined by 23 States. The agreement will be valid for two years, from may 1, 2020 to may 1, 2022-th. In may—June this year, the production cuts will amount to 9.7 million barrels per day (from October 2018), then — until the end of 2020 — 8 million barrels, and 6 million by the end of April 2022. New business OPEC+ was a forced reaction of oil producing countries on the situation in the market and pressure from the United States. Overall, however, it is not blocked volumes decline in global demand, besides on the market have accumulated huge reserves of raw materials.
inthe meeting is 6 June, the member countries of OPEC+ extended on a month — until the end of July — the period of validity of the agreement to reduce oil production to 9.7 million barrels per day.
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