Quotes of Brent and WTI continue to decline

the price of “black gold” standard grades in the course of trading day on Monday down on fears around the spread of coronavirus infection COVID-19, which can negatively affect the entire global economy, including the demand for raw materials.

For 13:39 GMT September futures North sea petroleum mix Brent fell 0.9 percent to $42,75 per barrel for the August futures on West Texas crude fell by 0.84% to $40,25 per barrel, according to PRIME.

As the expert on the stock market “BCS” Igor Galaktionov, “oil prices konsolidiruyutsya about $43 per barrel on the background of the high level of uncertainty on the demand side”. “The recovery of consumption is in jeopardy due to the continued increase in the number of cases of infection of coronavirus infection”, — said in the review analyst.

we also Recall that since 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 forced reactieth 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.

At the meeting on June 6, 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.

15 July, the meeting of the Ministerial monitoring Committee (JMMC), which is composed of representatives of the countries participating in the agreement OPEC+ coordinated easing from August 1, restrictions on oil production (about 2 million barrels per day) — mined before the imposition of restrictions on the volume will be reduced not by 9.7 million, only 7.7 million barrels per day.

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