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Tuesday, July 27, 2021

Oil prices fluctuate after the fall

Photo: Sergey Lentyugov/NEWS.EN

On the world oil market influenced by concerns about new Loktionov the pandemic coronavirus.

So, as of 09:00 Moscow time the price of petroleum mix of mark Brent with delivery in January was $37,58 per barrel. At the end of trading on Thursday, the contract fell $1,47 (3,8%) to the lowest level since may 29. December futures on Texas light oil WTI traded at the level of $35.4 per barrel. On Thursday they dropped in price to $1,22 (3,3%) — to the lowest level since 1 June.

In the past two sessions, oil prices fell, losing during this time in the range of 8-9%, the prices of Brent and WTI reached the lows from may — June reports PRIME.

In addition to increasing the spread of coronavirus, the market is also affected by the forecast of oil production by OPEC countries+. Under the deal, OPEC+, 2021, the participating countries will increase the production of raw materials, and ultimately the decline should reach 5.8 million barrels per day by the end of April 2022 compared to a fall of 7.7 million barrels per day for the period until the end of the year, where the base count taken October 2018.

We believe it is highly unlikely that oil production will begin to rise since January. Instead, the OPEC countries and its allies (OPEC+) really will need to cut production further, given the weak expectations for demand, — commented analysts at Commerzbank.

Wrote NEWS.ru previously, the second wave COVID-19 sowed panic in world commodity and financial markets. This week the fall showed the major stock market indices and oil prices. The price of benchmark Brent crude fell below $37 for the first time since the end of may. Against this background, the Russian currency has lost all growth in previous weeks, the dollar again reached the level of 80 rubles. Experts believe that oil prices may continue to decline up to $30 per barrel utyanuv for a Russian currency.

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