The cost of a barrel of Brent on the London stock exchange for the first time since March 6, exceeded $ 43. According to 2:40 in Kiev it was $ 43,25, which is 3% higher than Friday’s figure, said the Agency Bloomberg.
Increased the price of Texas WTI. Also for the first time since March 6 quotes exceeded $ 40 per barrel.
Growth in oil prices contributed to the consent of the parties to the transaction OPEC+ to keep the overall production quota at 9.7 million barrels per day by the end of June and reduce it by 100 thousand barrels per day in July. Countries that are unable to comply with the terms of the deal 100%, committed to compensate for the failure to comply with quotas in the next three months – July, August and September.
The Agency points out that immediately after reaching an agreement, Saudi Arabia has decided to raise prices on its oil. It is assumed that the proceeds from the July exports to other Asian countries to compensate all the losses of Riyadh from March the failure of the transaction OPEC+, which led to sharp decrease in quotations.
Growth in oil prices contributed to including and withdrawals in many countries restrictions related to the spread of coronavirus infection. However, as pointed out by Bloomberg, there are certain fears that a second wave of disease, as well as trade conflicts between Beijing and Washington or return to the market of producers of shale oil will have a negative impact on the market.