Oil prices rose on Wednesday after a sharp fall in previous bids. The quotes support was supported by OPEC + alliance extensions to extend the supply limit for raw materials by March 2020 and more than predicted to reduce commercial oil reserves in the US.
The cost of a barrel of September oil Brent on July 3 at 9:07 am in Kiev was $ 62.55 (+ 0.24%). August’s oil barrel WTI traded at $ 56.42 (+ 0.30%). In the course of the previous sessions, the Brent oil fell from $ 65.40 to $ 62.38 per barrel, WTI brand oil – from $ 59.34 to $ 56.22 /
The Organization of Petroleum Exporting Countries and its allies on the eve of the deal agreed to continue reducing oil supplies until March 2020, as its participants overcame internal disagreements, trying to maintain world prices.
“The meeting of OPEC + showed that members of the cartel keep together in difficult times, characterized by deteriorating prospects for world demand and the pursuit of a more balanced oil market, despite the apparent consequences for the market share,” said Amparit Singh, an analyst at Barclays Commodities Research. “It supports oil prices … despite the fact that the market is still focused on weak macro signals.”
The OPEC + agreement on the extension of oil production contraction for nine months should lead to a decrease in crude oil reserves in the second half of this year, which will raise world prices, analysts at Citi Research say.
“The continuation of the reductions by the end of the first quarter is aimed at preventing the entry of [extra] oil into the market during the minimum seasonal demand and the shutdown of a number of major refineries for maintenance. In addition, [signatories to the OPEC + agreement] are trying to gain time to assess the impact of IMO 2020 “, – experts said.
Last week’s commercial oil reserves in the US fell by 5 million barrels. with an expected decline of 3 million barrels, according to data from the American Institute of Oil (API).
However, signs of a slowdown in the global economy have had a negative impact on the growth of oil demand, anxious investors. This worry has grown after world output has gone negative, and the United States has threatened to impose sanctions against the EU in response to state aid from the European aviation industry.
Barclays expects this year’s demand for oil to grow at the slowest pace since 2011 and will be less than 1 bar. / Daily on an annual basis.
Source: Investing.com, Reuters, Enkor
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