Oil started a new work week with a decline
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A new surge in the incidence of coronavirus may lead to a sharp reduction in demand for “black gold”.
Global benchmark oil prices are moderately declining amid news of an increase in the incidence of coronavirus in countries around the world. This is evidenced by the trading data on Monday morning, April 12.
Thus, June futures for Brent on the London ICE Futures exchange fell by $ 0.32 (0.51%) – to $ 62.63 per barrel. On Friday, this grade of oil fell by another $ 0.25 (0.4%) – to $ 62.95 per barrel.
The cost of a WTI futures for May at the electronic session on the New York Mercantile Exchange (NYMEX) fell by $ 0.27 (0.46%) – to $ 59.05 per barrel. As a result of the previous session, these contracts fell by $ 0.27 (0.5%) – to $ 59.32 per barrel.
Last week, Brent lost 2.9% in price, WTI – 3.5%.
Now the spread between the current contracts for Brent and WTI is $ 3.31 in favor of Brent.
As writes Interfax citing S&P Global Platts, investor optimism about the acceleration of vaccinations in Europe and the recovery of the US economy meets concerns that a new leap in the incidence of coronavirus could lead to a sharp decline in oil demand.
Investors are also watching indirect talks between the US and Iran on a nuclear deal, due to resume in Vienna this week. Reaching an agreement between Washington and Tehran could lead to the lifting of sanctions on the Iranian oil sector and cause an influx of Iranian oil into the market.
In addition, data from the American oil services company Baker Hughes, published last Friday, showed an increase in the number of operating oil and gas rigs in the US last week by two units – to 432 rigs.
Recall that in early April, the ministers of the OPEC + countries agreed on the planned recovery of oil production from May… Within two months, the level of oil production will be gradually increased by 1.14 million barrels per day.
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