The oil market is going down pretty quickly this morning. As of 11:05 Moscow time, April futures for Brent fell 0.84% to $ 55.47 per barrel, and March futures for WTI – by 0.92% to $ 52.37 per barrel.
quotes Reuters commenting on Citigroup analysts.
The oil market is affected not only by the pandemic
“COVID-19 continues to spread around the world, and ahead of the season for the maintenance of refineries,” – said, in turn, Rystad Energy analyst Bjornar Tonhaugen. Despite OPEC +'s best efforts to reduce production, the market could be shocked when the alliance finally decides to return to the maximum rate of oil production.
As a result, the price of raw materials may fall, the expert said. “However, this moment will only come in a few months,” added Tonhaugen.
Meanwhile, according to a Reuters report, the Petroleum Facilities Guards, which guard oil terminals in Libya, said they would block oil supplies from the ports of Ras- Lanuf, Es-Sider and Hariga over wage disputes. : ///
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