the price of “black gold” standard grades in the course of trading day on Tuesday significantly lowered due to uncertainty around the Outlook for demand for raw materials and the possibility of resuming production in Libya.
K 13:48 GMT September futures for North sea petroleum mix Brent fell 1.1% $41,39 per barrel for the August futures on West Texas crude fell by 1.41% to $39,14 per barrel, according to PRIME.
As the Director of the Academy of management Finance and investment Arseniy Dadashev, “on tensions around the situation with the epidemic, and as upbeat economic data will be completely played out, this factor back to the fore, which may lead to a new wave of sales in the segment of high-yield assets.”
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 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 volume reductiontion 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.
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