the price of “black gold” standard grades in the course of today’s trading will grow moderately on news of positive results of tests of a vaccine against coronavirus.
as of 8:14 GMT, the September futures for North sea petroleum mix of Brent rose by $0.12 each to the previous close to $43,4 per barrel for the August futures on West Texas crude fell $0.03 to $40,84 per barrel, reports “Finmarket”.
However, says the expert on the stock market “BCS” Igor Galaktionov, “the number of cases of infections COVID-19 growing, and growth rates in absolute terms remain high enough”. “Last week in India, the third largest among the world’s importers of oil, the number of infections with coronavirus now exceeds 1 million,” — said in the review analyst.
However, believes head of the analytical Department AMarkets Artem Deev, “support prices could have expectations of new stimulus measures from the European Union and the United States with the aim to limit the negative effects of the outbreak of the virus”. “The leaders of the European Union, today after 5 days of negotiations, reached a compromise on a package of assistance to the most affected countries unit total volume of 750 billion euros,” — emphasizes the expert.
overall, the senior analyst “Alpari Eurasia” Vadim Iosub predicts that “the likely daily range for Brent oil will be $43,0-43,9 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+ (officialbut from 1 April, 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 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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