Wednesday, July 8, 2020

Oil: Oil prices continue to rise

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Oil production

Brent is the most important oil for Europe. The WTI variety comes from the USA.

(Photo: dpa)

Frankfurt Oil prices continued to rise in Asian trade on Friday. The day before, they had risen due to a new demand forecast by the International Energy Agency (IEA). The price of a barrel (159 liters) of North Sea Brent was $ 31.76 in the morning. That was 63 cents more than on Thursday. The price of a barrel of the US grade WTI rose by 34 cents to $ 27.90.

According to the IEA, global oil consumption is falling less sharply than initially feared in the corona crisis. Exit restrictions for people are being relaxed in many places, companies are working again, as the interest group of leading industrialized countries announced in Paris on Thursday. The IEA is now assuming that demand will shrink by an average of 8.6 million barrels a day this year. A drop of 9.3 million barrels per day was previously expected.

After a week of volatility, it looks like a slight increase in oil prices. Brent prices have risen by around one dollar since Monday, and US oil was more than three dollars higher than at the start of the week.

This slight recovery was supported by the cuts in oil production decided by leading oil nations, which came into effect at the beginning of the month. In the first two weeks of May, daily exports of the oil states of the cartel and other producing countries combined in the “Opec +” fell by almost 6 million barrels, according to the analysis company Petro-Logistics.

More: Investors hope for a V-shaped recovery in the oil markets

Here it goes to the page with the Brent price, here to the WTI course.

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