the price of “black gold” standard grades in the course of today’s trading is reduced by data that suggest increasing growth of new cases of infection with coronavirus in the world.
as of 8:28 GMT, the September futures for North sea petroleum mix Brent fell $0.29 to to the previous close to $42,85 per barrel for the August futures on West Texas crude fell by $0.27 to $40,32 per barrel, reports “Finmarket”.
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.
for his part, head of the analytical Department AMarkets Artem Deev indicates that “the number of new cases of coronavirus in the United States over the weekend has updated the record and amounted to 72 thousand after reaching a record high of 67 thousand on Tuesday”.
overall, the senior analyst “Alpari Eurasia” Vadim Iosub predicts that “the likely daily range for Brent crude oil for July 20 will be $42,6-43,4 per barrel.”
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).
The menit, 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.
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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