The pandemic put pressure on oil quotes

the price of “black gold” standard grades in the course of trading on Friday moved to decline after growth days of growth and may suffer weekly losses.

as of 17:45 GMT August futures for North sea petroleum mix Brent fell $0,59 to the previous close to $40,46 per barrel for the August futures on West Texas crude fell by $0.81 to $37,91 per barrel, reports “Interfax”.

As analysts IK “VELES the Capital” Elena Kozhuhova, “the coming oil futures Brent and WTI to the end of the session in Russia came in minus and lost about 1.5-2%, following the weakening global risk appetite”.

for its part, the expert on the stock market “BCS” Dmitry Babin explains that “the continued acceleration of the pandemic (coronavirus infection COVID-19 — ed.), especially in the United States, is putting pressure on global risk assets”.

however, an investment strategist “BKS the Prime Minister” Alexander Bakhtin indicates that, on the one hand, there are “signs of recovery and large-scale monetary injections” but “on the other hand, the growing threat of the second wave of the pandemic and the deterioration of forecasts of global economic recovery”.

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 participantsnicknames which were 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.

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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