Monday, 05 April 2021 10:11

Futures drop slightly

The price of June Brent crude oil futures on the London ICE Futures Exchange by 8:22 Moscow time on Monday is $64.22 per barrel, which is $0.64 (0.99%) lower than the price fixed at the closing of the previous session. At the close of trading on Thursday, the price for these contracts grew by $2.12 (3.4%) – up to $64.86 per barrel.

The price for WTI crude oil futures for May at electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by $0.58 (0.94%) - to $60.87 per barrel. On Thursday, the price of these contracts rose by $2.29 (3.9%) to $61.45 per barrel.

Oil prices are slightly lowering after a long weekend - on Friday, the markets were closed on the occasion of the Easter holidays. Therefore, the delayed reaction to the OPEC decision, the Iran-China partnership agreement, as well as the seasonal factor associated with the risk of overproduction, adjusted prices at a lower level.

As is known, on Thursday, the OPEC+ countries agreed to increase oil production in May by 350 thousand barrels per day (b/d), by the same amount in June, and by another 440 thousand b/d in July. In general, during May-July OPEC+ plans to reach production levels that were planned since January, and Saudi Arabia will return to the market 1 million b/d of its oil, the production of which it voluntarily limited.

Despite the fact that the OPEC+ countries agreed on a schedule for increasing oil production for three months, they reserved the possibility of reducing production if necessary.

The OPEC + decisions were seen by the market as a signal of growing optimism about the prospects for a global economic recovery.

 

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