the price of “black gold” standard grades in the course of trading day on Monday afternoon amid weakening of the dollar against world currencies, with growth constrained by concerns about demand for raw materials.
K 13:57 GMT, the October futures of North sea petroleum mix of Brent rose by 0.32% to $of 43.48 per barrel, September futures on West Texas crude fell by 0.31% to $41,41 per barrel, according to PRIME.
As the Director of the Academy of management Finance and investment Arseniy Dadashev, “the U.S. currency is under attack on several fronts.” “In addition to uncertainty in relation to fiscal incentives and the deterioration of relations between the US and China, put pressure on the dollar doubts as to the recovery of the US economy, where besides continuing growth in the number infected with the coronavirus. Recent statistics pointed to weak business activity in the manufacturing and services sectors of the country, which increases the risk of deteriorating forecasts of the fed (U.S. Central Bank — ed.) this week”, — stated in the review of the expert.
we also Add 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 Oct 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.
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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