Yesterday, oil quotes fell to two-week lows, but today the energy market is showing the expected correction.
At 8:15 Moscow time, futures for Brent crude oil grew by 1.08% and traded at $ 29.9 per barrel. We recall that during yesterday’s trading session, the asset fell by 6.7% and closed the day at around $ 29.6 per barrel.
At the same time, contracts for WTI increased 2.09% and were sold for $ 20.53 per barrel.
As expected, the agreement reached on the future decrease in oil production did not outweigh the global decline in demand for black gold in terms of the degree of influence on the market.
Analysts rightly note that the deal involves a reduction in supply by about 10%, but demand had fallen by 25-30%. This means only one thing – all surplus will be sent to storage.
We recall that the states that are members of the OPEC+ cartel have managed to do the impossible over the weekend. They agreed to reduce daily production by a record 9.7 million bpd. The agreement will begin in May.
Today, the U.S. Department of Energy is due to publish official statistics to demonstrate how the country’s energy stocks have changed over the past week. The data will be another factor that influences the black gold price.
Analysts believe that we should expect an increase in oil reserves by 10.1 million barrels. It is assumed that for the week gasoline in storage has increased by 7.1 million barrels, distillates – by 1.8 million barrels.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group