The price of oil finished higher Friday after the release of a report showing a new decrease in the drilling of oil wells in the United States.
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in London, a barrel of Brent North sea for delivery in July, of which this is the last day of trading, has grappillé 4 cents to finish at 35,33 dollars. In New York, the barrel american WTI for the same maturity has gained $ 1.78, or 5.3%, to finish at 35,49 dollars. It ends above the threshold of $ 35 for the first time since march. Down during the major part of the day, oil prices gained ground after the publication in the end of the session, a weekly report of the company Baker Hughes showing the number of wells drilling for oil in the United States had dropped for the 11th week in a row. This decline suggests that the production, which is already significantly contracted after it reached a record level mid-march, is expected to decline further in the coming weeks.
The number of oil wells during drilling now appears to be 222 units against 683 units in mid-march. It is at this time that the united States began to impose measures to halt the spread of the Covid-19, creating a drop in energy demand and consequently the price of crude. The Organization of the petroleum exporting countries (Opec) and some partners, including Russia, have since committed themselves to drastically reduce their production of crude. Under the effect of the plunge in prices of black gold, many american producers have also reduced the wing.
In anticipation of the intervention of Trump
And the demand has started to recover with the gradual lifting of the containment measures: stockpiles of gasoline in the United States declined last week. Result: the barrel of oil is quoted in New York, which was briefly dropped at the end of April as zero dollar, has rebounded and recorded in may, the highest increase in its history: 88%. However, it remains down 42% compared to the beginning of the year.
investors were also awaiting Friday’s intervention by the u.s. president Donald Trump, who had promised the day before to speak on China at a time when tensions multiply between the two largest economies in the world (Hong Kong, Covid-19, Uighurs, Taiwan, etc). It was finally announced shortly after the closing, a number of measures such as the removal of exemptions from trade enjoyed by Hong Kong, it has not challenged the trade agreement partial agreement entered into by the two parties in mid-January.
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