The price of oil have been hesitant on which direction to follow on Tuesday in New York and London, in the aftermath of a high rise, in a climate that is rather optimistic about a recovery in global demand just when the supply is absorbed.read also : crude Oil: barrels of peril
a barrel of Brent North sea for delivery in July, listed in London has dropped 16 cents, or 0.5%, to finish at 34,65 usd. In New York, the barrel american WTI for delivery in June, which was the last day of trading, has gained 68 cents, or 2.1%, to finish at 32,50 dollars. The market has not reproduced the episode almost traumatic of 20 April, when the price of a barrel of WTI for delivery in may had passed below zero on the eve of its expiration.
The storage space is approaching saturation, those who were still in possession of the barrels had then had to pay to get rid of it, dropping the price to -37 dollars. The energy demand has since somewhat recovered with the measures easing of travel restrictions and containment as well as in Asia, in Europe, that in some american States, while the production has declined.Two "factors to support crude prices,"
"there are two main factors to support crude prices," recalls Paola Rodriguez Masiu, an analyst in Rystad, "a bid which decreases and demand increases. These two factors are brought together in this moment." "The cuts of the Opec+ are effective and stops the production of other producing countries contribute to limit the excess of gross. At the same time, the containment measures are lifted little by little in the world and the economy needs gasoline to restart", she added.
The Organization of the petroleum exporting countries (Opec) and its allies through the agreement Opec+ have put in place since the 1st of may a new plan for the voluntary reduction of their production of black gold to fall to levels more consistent with those of the application, sabrée by the measures of fight against the pandemic Covid-19. This cup of 9.7 million barrels per day two months must even be supplemented by withdrawals from the market of barrels of extra saudi Arabia, Kuwait and the united arab Emirates.
"The first lift on the respect of quotas," by the members of the agreement "are impressive," stresses Phil Flynn of Price Futures Group. "According to some information, Russia, which drags usually rather of the feet, has already reached 93% of its goal," he adds. At the same time the extractions in the United States, the world's largest producer, declined for several weeks and are back to their level in November 2018 after reaching a historic high in mid-march.No comment
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