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Oil prices fell on Monday, and that’s a sign
that global stocks of raw materials are filling up fairly quickly. That
is a sign that reducing production will not be enough to make
coronavirus collapses in search demand, writes Reuters
Futures of United States light crude (WTI) reported significant losses after data showed raising US stocks to 518.6 million barrels in the week at 17
April which
and near the registry by
535 million barrels installed
in 2017 Intermediate futures WTI fell 7.2% to $ 15.72 per barrel, while the price
of the European variety Brent fell 1.5% to $ 21.11 per barrel.
Last week, future oil tankers
marked the third consecutive week of losses, as the price of the Brent variety go down by 24% for the period under reviewand WTI by approximately 7%. Exactly
a week ago even on April 20 May US oil futures have reached
the unprecedented negative territory of -37 dollars per barrel, while the Brent variety fell to its lowest level in two decades.
“Inventory growth and weak demand are approaching
a great influence on the “state of mind” of the prices “, they comment ANZ analyzers.
Analysts estimate that manufacturers may not be able to reduce their production volumes quickly enough to raise the price. Especially in the context of the next economy pandemic recession
of the coronavirus.
We remember that withunder an agreement agreed between the Organization
from oil-exporting countries (OPEC) and other producers, including
Russia and Azerbaijan to cut “black gold” production by 9.7 in May
million barrels per day. The flood damage in the oil market is so great
Big that Kuwait didn’t wait for the deal to go into effect on May 1 and as early as Thursday
announced that it is starting to reduce its oil supplies.
Why
world oil stores are filling up rapidly and demand is declining
30% these interruptions so far are too small to balance
market
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