High oil prices, with increased hopes to reduce production

0
59


Texas The American mediator 83 cents, or 3.2 percent, to $ 26.91 a barrel, after falling nearly 8 percent in the previous session.

Sources told Reuters that the major oil producing countries are likely to reach an agreement to cut production during a meeting on Thursday, but that this will depend on the accession United State.

The risk of a deep recession continued to cast a shadow over the markets due to the disruption of most economic activities due to a pandemic Sk That has caused about half of the world’s population to be subject to general isolation, movement restrictions and social distancing guidelines.

Global demand for crude fell about 30 percent, or 30 million barrels per day.

And blinked Oil prices Sharply Monday, after Saudi Arabia and Russia postponed a meeting to agree to cut production until Thursday.

The Organization of Petroleum Exporting Countries and other producing countries such as Russia, in the framework of the grouping known as OPEC +, reduced production in the past years in light of the rapid expansion of crude production in the United States and placed it first as the largest oil producer in the world.

And there are questions about the U.S. joining any coordinated cuts to production, as US President Donald Trump said Monday that OPEC It did not pressure him to ask the US oil producers to reduce their production to support global crude prices, but he indicated that US oil production actually decreased in any case due to falling prices.

“>

Brent crude rose 80 cents, or 2.4 percent, to 33.85 dollars a barrel by 06:57 GMT, after seeing a drop of more than 3 percent on Monday.

West ore rose Texas The American mediator 83 cents, or 3.2 percent, to $ 26.91 a barrel, after falling nearly 8 percent in the previous session.

Sources told Reuters that the major oil producing countries are likely to reach an agreement to cut production during a meeting on Thursday, but that this will depend on the accession United State.

The risk of a deep recession continued to cast a shadow over the markets due to the disruption of most economic activities due to a pandemic Sk That has caused about half of the world’s population to be subject to general isolation, movement restrictions and social distancing guidelines.

Global demand for crude fell about 30 percent, or 30 million barrels per day.

And blinked Oil prices Sharply Monday, after Saudi Arabia and Russia postponed a meeting to agree to cut production until Thursday.

The Organization of Petroleum Exporting Countries and other producing countries such as Russia, in the framework of the grouping known as OPEC +, reduced production in the past years in light of the rapid expansion of crude production in the United States and placed it first as the largest oil producer in the world.

And there are questions about the U.S. joining any coordinated cuts to production, as US President Donald Trump said Monday that OPEC It did not pressure him to ask the US oil producers to reduce their production to support global crude prices, but he indicated that US oil production actually decreased in any case due to falling prices.







LEAVE A REPLY

Please enter your comment!
Please enter your name here