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A new rise in oil prices

Category: Economy

Date: 2020-05-06T10:50:47+0000
A new rise in oil prices

Shafaq News / Oil prices increased on Wednesday in Asia, affected by the decisions to reduce the isolation measures taken by major economies in facing the emerging Corona virus, while investors evaluate the consequences of the American-Chinese differences raised by the epidemic.

The price of Brent North Sea crude increased 0.45% to $ 31.11. As had gained 14% on Tuesday, exceeding its price by 30$ per barrel, for the first time since mid-April.

The price of a barrel of light sweet crude (Light Sweet Crude) rose 1.1 percent to $ 24.18.

Oil markets have been affected in recent weeks by declining demand due to the suspension of activity in many economic sectors and the restrictions imposed in the world on travel.

But it began to show improvement this week with the commencement of quarantine measures in major economies.

Mediators are also closely watching the consequences of the recent accusations that the US President Donald Trump has made to China, criticizing again its management of the health crisis that exploded on its soil.

"The brokers are very cautious this morning (Wednesday) and they are evaluating all possible reactions from China," said Stephen Ennis, analyst at Axecorp. He explained that the "most painful reaction could be China reducing its US oil imports."

Investors are also tracking stocks of the Cushing station in Oklahoma, which uses a pricing index for light sweet crude or WTI, in New York. It is currently over 80% of its total capacity.

The member states of the Organization of Petroleum Exporting Countries (OPEC) and its main partners within the framework of "OPEC +" decided to withdraw from the market 9.7 million barrels of oil per day until the end of June in order to stabilize prices.

This exceptional measure, which will be gradually eased from July, aims to relieve a market overstated with oversupply and stocks close to its maximum capacity as consumption falls due to the Covid-19 epidemic.

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