Brent crude oil shows a decline after the growth on Monday. WTI crude oil, which was not being traded on the first day of the week, is growing on Tuesday.
The decline in exports from Saudi Arabia and the positive developments in the negotiations between the United States and the People’s Republic of China have had a positive impact on the state of the energy market.
The April contracts of Brent have slipped by 29 cents and are currently being traded at $ 66.2 per barrel. We recall that on Monday, the same contracts were being traded at $ 66.5. To date, WTI futures for March have risen to $ 55.7 per barrel.
According to the company Kpler, during the first half of February, the volume of oil supplies from Saudi Arabia amounted to about 5 million barrels per day. This figure is significantly less than the figures given by the Ministry of Energy of Saudi Arabia. The target supply volume for March is 6.9 million barrels per day.
Analysts believe that the reduction in supply helps the price to grow, but the results of the negotiations between the States and China will play the main role. These results will affect the level of energy demand.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade