the price of “black gold” standard grades in the course of today’s trading on growing hopes for a possible fiscal stimulus in the United States and a vaccine against coronavirus.
as of 8:34 GMT, the September futures for North sea petroleum mix of Brent rose $0,09 to the previous close to $44,38 a barrel, September futures for West Texas WTI — also $0.09 to $of 41.99 per barrel, reports “Finmarket”.
As noted by leading analyst FxPro Alexander kuptsikevich, “this week, Brent and WTI returned to trend growth.” “However, this strengthening is to the most extent is the weakening of the dollar than the increased interest of buyers. Is careful to observe this growth as the fundamental factors continue to form barriers to the further steady increase of energy prices”, the review says the expert.
However, indicates the chief analyst of PSB Bogdan Zvarich, “the focus of investors continue to place positive news stories and factors, ignoring the risks.” “After the adoption of the budget and approval of budget Fund of reconstruction in Europe, players are expecting progress on a new aid package in the U.S. and the measures that it will include”, — says the expert.
At the same time, adds the head of the analytical Department AMarkets Artem Deev, the market is monitoring the tensions between Washington and Beijing. “The Ministry of foreign Affairs of China said that the US government ordered the immediate closure of the Chinese Consulate in Houston. In Beijing this act to the escalation of tension in bilateral relations was condemned as outrageous and unprecedented,” — emphasizes the expert.
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: the 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 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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