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Brent grows to 71.09 US dollars

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Brent grows to 71.09 US dollars
April 12
09:00 2019

During the Asian session on Friday, crude oils showed a slight increase being in the black for six consecutive weeks. There has not been such a long rise since 2016.

Brent futures for June have risen by 26 cents to $ 71.09. On Thursday, their price was 70.83 per barrel. May contracts of WTI have grown by 28 cents – to the value of 63.86 US dollars. At the last session, they were being traded at the price of $ 63.58.

The continued decline in production by the OPEC countries is the main force supporting the oil market. In addition, there is a decline in production in Libya and Venezuela.

According to the report of the International Agency for March, OPEC members have fulfilled their obligations to reduce production by 153%. Saudi Arabia has reduced production to 9.8 million b / d. This is the minimum level for 2 years. Iraq showed a big decrease last month, reducing production by 120,000 to 4.5 million b / d.

The overall reduction, which the OPEC countries were able to achieve in March, amounted to 550 thousand b / d. Currently, daily production is about 30 million.

In Libya, there may be disruptions in oil supplies due to the military conflict. The national army under the command of Khalifa Haftar approached Tripoli. Now the country produces about 1.1 million barrels.

The risks of the supply disruptions from Iran, Libya and Venezuela are very important for the market. To let it grow further, it is necessary to make sure that the world economy is capable of ensuring the demand growth.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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