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Oil is recovering after the fall

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Oil is recovering after the fall
April 08
09:00 2020

Oil quotes have grown a bit after yesterday’s fall. The investors’ optimism is caused by hopes that the countries included in the OPEC+ cartel will still be able to agree on a production cut.

At 8:15 Moscow time, Brent crude oil futures grew 3.23% and were trading at $ 32.9 per barrel. We recall that yesterday the asset decreased 3.57%, ending the trading session at around 31.87 US dollars per barrel.

American WTI oil has grown in price too. At the same time, the increase amounted to $ 1.57 or 6.64%, the asset cost $ 25.2 per barrel. Over the past trading session, WTI has dropped by 9.39% (i.e., by 2.45 US dollars), closing the session at 23.63 US dollars per barrel.

On April 9, the OPEC+ meeting will be held in the format of a video conference.

The next day (April 10), Saudi Arabia will hold a meeting of G20 energy ministers. The purpose of the dialogue is to ensure the stability of energy markets and strengthen the economy.

The US Department of Energy has revised its annual forecast on the US oil extraction. The difference with the March figures has amounted to 1.2 million b /d  the actual annual extraction is estimated at 11.8 million b / d.

In 2021, the department also expects a decrease in national oil production in the United States (-0.7 million bpd to 11.1 million bpd).

 

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

 

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