Today, at 8 a.m. Moscow time, Brent crude futures rose $ 0.14 (or 0.23%) – to $ 62.32 per barrel. We recall that yesterday the asset price lost 0.53% ($ 0.33) and finished the session at $ 62.18 per barrel.
By the same time, WTI oil futures had grown too (by 0.15 US dollars or 0.26%) – to the level of 56.86 US dollars per barrel.
Analysts believe that trade negotiations between the US and China remain the most significant factor affecting the oil market.
In addition, the OPEC+ meeting, which also affects the behavior of assets, will be held in a couple of weeks. Analysts say cartel members will not lobby for the idea of further reductions in production. It is assumed that they will discuss not cuts, but better control over the implementation of obligations already undertaken.
It is possible that the States, Norway and Brazil will increase oil production. The oversupply of the resource can lead to a very serious drop in quotes. Analysts estimate that the “black gold” price can fall by 30%, i.e. up to 40-50 US dollars per barrel. In such a case, only greater cuts in production by the OPEC+ member countries may keep quotes at the same level.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group