Oil and Gas

Brent crude exceeds the threshold of $ 30

Brent crude prices rose on the London Stock Exchange, Thursday night, above $ 30 a barrel barrier for the first time since 20 March, according to trading data.

THE PRICE OF FUTURES CONTRACTS FOR THE NORTH SEA MIX INCREASED BY 1.032% TO $ 30.05.
AND MOVING THE OIL MARKET FOR THE FOURTH CONSECUTIVE DAY TO RISE AFTER A DECLINE ON FRIDAY BY 11%, AND AT THE SAME TIME, ANALYSTS ARE STILL WORRIED ABOUT THE DEMAND FOR RAW MATERIALS DUE TO THE CORONA VIRUS, WHICH HAS BECOME THE MOVEMENT OF THE POPULATION IS LIMITED DUE TO QUARANTINE, IN ADDITION TO THE CLOSURE OF MANY COMPANIES, WHICH IT CAUSED A SHARP DROP IN DEMAND FOR GASOLINE.

THE COLLAPSE IN THE OIL MARKET OCCURRED AFTER THE DISRUPTION OF THE OPEC + DEAL AND THE SUBSEQUENT ANNOUNCEMENT BY SAUDI ARABIA TO INCREASE PRODUCTION TO 13 MILLION BARRELS PER DAY.

Oil prices have tumbled 60% since January, to less than $ 30 a barrel early. Oil prices have slid 45% since the beginning of this month after the Organization of Petroleum Exporting Countries failed (OPEC) and (OPEC +), the extension of an agreement to cut production and support prices after the end of March / March

Source: mbs.news

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