The oil up before the next Opec meeting+

The price of oil ended higher on Tuesday, investors are hoping an extension to the drastic cuts of the production of black gold at the next summit of Opec", which could be advanced this week.

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a barrel of Brent North sea for delivery in August stood 39,57 dollars in London, an increase of 3.3%, or $ 1.25 per report at the close of Monday. In New York, the barrel american WTI for the month of July has gained 3.9 per cent or $ 1.37, at 36,81 dollars. On Monday, the two barrels of reference were completed in scattered order, but close to balance. The price of oil rose "as investors' attention focuses on the cuts to the production" of crude, said Al Stanton, RBC. Those of the cartel and its allies "will be discussed at the next meeting at a distance from the Opec+, which is expected to take place later in the week," added the analyst. The cartel, whose next summit is still officially scheduled on June 9 and 10, did not communicate this change of schedule.

A possible extension of the agreement made by Opec+

"The enthusiasm," dominates the market of black gold, has confirmed Bjornar Tonhaugen, of Rystad Energy, "due to the rumors according to which the countries of the Opec+ will discuss very soon the extension after June of 'generous' 9.7 million barrels per day." This volume has been withdrawn from the market since the 1st of may, in accordance with the final agreement of the members of the Organization of petroleum exporting countries (Opec) and its allies, including Russia, in order to arrest the falling prices caused by the pandemic Covid-19.

The terms of this agreement decided on April 12, state that this reduction must go to 7.7 mbd from July to December, but observers expect already on an extension from one to three months the volume of may and June.

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