The price of Brent oil exceeded $ 32.3 for the first time in a month

The price of Brent oil exceeded $ 32.3 for the first time in a month

15 May 2020, 14:09EconomyPhoto:
Brent crude for July delivery exceeded $ 32. For the first time since April 14, Brent is trading at $ 32.3. June WTI futures rose in price to $ 28.4 per barrel, according to trading on the Intercontinental Exchange.

We recall that at the beginning of the month Brent was already rising above $ 30, but did not stay at this mark, showing another drop. According to analysts, with the current volumes of oil that have accumulated in storage, commodity prices may rise by another $ 5-10.

Note that the price of “black gold” is promoted by Saudi Arabia, which reduces oil production to a twenty-year low.

According to Reuters, the state-owned oil company of the kingdom has already announced to its customers a sharp decline in supplies. Now refineries will receive 10-30% less oil than planned.

Thus, the “180-degree turn” is observed on the oil market - earlier there was a panic sale of oil, which literally had nowhere to go from crowded storage facilities, now there is a shortage of supplies.

According to John Kilduff, New Capital’s partner in New York, it was the Saudis who “became market makers again from market destroyers”.

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