A jump in oil prices – RT Arabic

Oil prices rose today amid hopes that production cuts implemented by oil-producing countries, and the partial lifting of quarantine restrictions, will help strike a balance between supply and demand in the market. world oil.

Brent futures rose, at 09:15 Moscow time, by more than a dollar (3.41%) to $ 32.19 per barrel.

Meanwhile, US light crude oil futures rose 2.47% to $ 28.24 a barrel, according to Bloomberg data.

Oil prices are heading to end the week’s trading, registering an increase for the third consecutive week.

Since the beginning of this week, Brent mix has risen 3%, while US crude has risen 13%.

Saudi Arabia, Kuwait and the United Arab Emirates announced the prices by announcing additional voluntary cuts in oil production in June, other than those stipulated in the “OPEC +” group agreement.

Prices were also supported by the report by the International Energy Agency, which expected oil demand in 2020 to decrease by 8.6 million barrels per day, instead of previous expectations indicating 9.29 million barrels per day.

“Market sentiment has become cautiously optimistic, and I hope it will continue to be so if there is no serious slowdown in improving the epidemiological situation in the world,” said Vandana Harry, Vanda Insights in Singapore.

“However, the demand outlook remains volatile and traders are still tense about what happens after economies open,” said Bloomberg, according to the expert.

For his part, Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Petroleum Company (ADNOC) said that the oil markets will restore balance over time, adding that there are indications that they are witnessing a narrowing gap between supply and demand in recent weeks.

“On the oil side, there are signs that the market has tightened in recent weeks. The deal (OPEC +), voluntary cuts outside (OPEC +) and all production closings are working together to start rebalancing the market, “he said.

Source: Agencies