New post
George Ma
May 19 09:30

Price of Brent rose above $35 per barrel

The price of Brent oil has exceeded US$35 per barrel for the first time since April 9.
It is noted that the price of July futures rose by 7.75% to US$35.02 per barrel. WTI oil is also rising by 9.52% to US$32.33 per barrel.
Fluctuations in the market began on March 6, when OPEC+ participants failed to come to a common solution. Russia did not support the proposal to further cut oil production by 1.5 mn bps in the second quarter of 2020. After the failure of the deal, oil prices fell by 30%.

On April 9, an online meeting of OPEC+ countries was held, during which the stabilization of the oil market was discussed. The participants of the meeting failed to come to a common agreement as Mexico renounced the proposed terms. On April 12, OPEC+ countries agreed to reduce oil production by 9.7 mn barrels per day for May-June.