The price of oil are mounted on Wednesday after a session in volatile marked by rumors about an agreement a minima between the Russians and Saudis on the extractions.
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a barrel of Brent North sea for delivery in August finished at 39,79 billion, an increase of 0.6%, or 22 cents per report at the close of Tuesday. Barrel in london has crossed the bar of $ 40 during the session, for the first time since march 6. In New York, the barrel american WTI for the month of July has made 1,3%, or 48 cents, to 37,29 dollars. This is its highest level since early march.
Moving sharply higher during the asian session, the course fell on the publication of information according to which the agreement of reduction of crude production of the members of the Organization of petroleum exporting countries (Opec) and its allies for may and June would not be extended as a month. Observers of the market, the most optimistic were calling for over three months. “We have agreed that it is necessary to extend them for at least a month. Then we will look at the situation,” said a source close to the negotiations with the Russian agency TASS According to this source, the Energy ministers of saudi arabia and Russian are in constant contact and have “a mutual understanding” of the situation.
An upcoming summit of Opec+
oil prices have continued on a roller coaster during the sessions of european and american to finally finish up. The members of the cartel and its partners, including Russia, imposed since may 1, a reduction of their production to 9.7 million barrels per day (mbd) in order to compensate for the fall in global demand for crude. The question of the next summit on June 9 and 10, which could be advanced this week, according to several observers, will be whether it should be extended and for how long, because the agreement of April 12 provides a relief to 7.7 mbd as from the 1st of July.
If the quotas of the Opec+ are maintained, “the further reductions of 1.2 mbd granted by saudi Arabia, Kuwait and the united arab Emirates in early may will be back probably on the market”, stressed Chris Midgley, of S&P Global Platts, a gesture of nature to weigh on prices.
in addition, investors have not really reacted Wednesday to the weekly report of the u.s. Agency information on Energy (EIA) on the petroleum reserves in the United States last week. The surprise drop in crude inventories (down 2.1 million barrels) has been offset by the increase of those of gasoline (+2.8 million barrels) and the explosion of those of distilled products (+9.9 million barrels). “The demand for petroleum products remaining low, supplies of gasoline have made good progress and those for distilled products grew colossal,” notes Matt Smith ClipperData.
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