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Oil prices are adjusting after the record growth

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Oil prices are adjusting after the record growth
April 03
09:00 2020

Yesterday’s trading session will surely go down in the economics textbooks. April 2, 2020 will be remembered as the day of maximum daily growth in oil prices. Today, black gold prices demonstrate a very expected correction.

At 8:10 Moscow time, the price of Brent oil futures was equal to 28.63 US dollars per barrel. This is 4.38% below the mark at which yesterday’s trading session ended. We recall that yesterday, the asset showed a daily increase of 21%.

At the same time, WTI oil futures decreased 5.37% and cost 23.96 US dollars per barrel. On Thursday, the price of this asset increased 24.7%.

The information on the initiative of Saudi Arabia has supported the yesterday’s record growth. The fact is that the homeland of Islam is trying to organize an emergency meeting of OPEC+ in order to agree on a new deal to restrict extraction. The Kingdom’s aim is to restore the balance in the oil market.

Donald Trump said that he hoped that Russia and Saudi Arabia would be able to reach a compromise on the issue of restricting extraction. The US President also noted that the countries’ unreasonable actions were destroying the global energy market.

By the way, official Moscow denies that Vladimir Putin had a conversation with the Crown Prince of Saudi Arabia. Moreover, representatives of the presidential administration said that such negotiations were not planned for the near future.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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