Tuesday, 30 March 2021 13:21

ICE Futures remains optimistic

Benchmark crude prices change slightly on Tuesday compared to the figures fixed at the previous close of trading. Investors are waiting for OPEC+ decisions to be made at the end of the meeting scheduled for Thursday.

Analysts believe that OPEC+ may extend April production quotas for May amid concerns about oil demand due to the growing incidence of coronavirus in Europe and India, S&P Global Platts writes.

“OPEC's cautious approach to the recovery of demand led to an extension of the level of production cuts for April at the last meeting. Since then, the outlook has not become clearer”, ANZ analysts said.

The price of May Brent crude oil futures on the London ICE Futures exchange by 8:15 Moscow time on Tuesday is $64.94 per barrel, which is $0.04 (0.06%) lower than the price fixed at the close of the previous session. At the close of Monday trading these contracts rose in price by $0.41 (0.6%) to $64.98 per barrel. According to AZERTAC, the price per a barrel of Azeri Light crude oil fell by $ 0.25 to $ 63.76.

It is noteworthy that the minimum price of a barrel of Azerbaijani oil - 15.81 dollars -was fixed on April 21 last year, the maximum - 149.66 dollars - in July 2008.

At the same time, traders remain optimistic about Saudi Arabia's willingness to support the extension of oil production cuts by OPEC and its allies for May and June, as well as to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns, Reuters source said on Monday.

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