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”.