Oil prices started to recover on
Thursday continued despite and continuing weakness in demand
Profits from early trading expanded by noon. A barrel
(159 liters) of the North Sea variety Brent for delivery in June
most recently $ 34.27, $ 1.44 more than the previous day.
The price of a barrel of American WTI with delivery
in May it rose $ 1.64 to $ 26.73.
In the afternoon, leading oil-producing countries want to cut production
advise and thus a solution in the price war between Saudi Arabia
and bring about Russia. The meeting was originally for Monday
been scheduled. The Russian government already had in advance
their willingness to reduce the daily output
signals what last supported the recovery in the oil price. A
Meeting of energy ministers of the G20 group chaired by
Saudi Arabia could follow on Friday.
Commerzbank expert Eugen Weinberg will decide tomorrow
Friday whether the video conference of representatives of Opec + on
Thursday afternoon actually a relaxation on the oil market
can bring about. Then give Saudi Arabia its official
Sales prices for the May deliveries are known. Become the current
Discounts on Brent oil would be maintained or even expanded, this would
from Weinberg’s point of view, a new escalation instead of relaxation
initiate in the price war.
Meanwhile, the drop in demand due to the corona epidemic continues.
Market observers spoke of a decline in some regions of the world
by 70 percent. In the United States, according to the government, are currently
demanded only 14.4 million barrels a day, that would be it
lowest level since 1990. The sharp drop in demand
due to the restrictions in numerous countries, it is loud
Overall statement from dealers: Usually
the world uses about 100 million barrels of oil a day, some
Traders recently spoke of only 65 million barrels a day.
On the oil market, optimism about a possible relaxation persisted
within limits in the price war. “The drop in demand that is far greater
as the most optimistic funding cut by OPEC and its
Allies will likely push prices further down, “it said
by oil market expert Bjornar Tonhaugen from Rystad Energy./ssc/jkr/fba
AXC0197 2020-04-09 / 13: 05
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