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Oil prices are falling
- Time: 04/05/2021 11:10:08
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{Economic: Al Furat News} Oil prices fell today, Monday, canceling strong gains made in the previous session, which were supported by the decision of "OPEC +" to gradually reduce some of its restrictions on production between May and July of this year.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. [You must be registered and logged in to see this link.]
Brent crude futures fell, by 04:05 GMT, by 1.46% to $ 63.91 a barrel, while West Texas Intermediate crude fell 1.42% to $ 60.92 a barrel.
The contracts of both contracts were settled by more than two dollars a barrel on Thursday, as investors considered that the decision of "OPEC +" confirmation of a recovery led by demand, and optimism increased due to US President Joe Biden's plan to spend on infrastructure, and allocate two trillion dollars for that.
The countries of the "OPEC +" group agreed to ease production restrictions by 350 thousand barrels per day next May, another 350 thousand barrels per day next June and about 400 thousand barrels in July.
Analysts at "Goldman Sachs" bank said that the decision indicates a caution on the part of "OPEC +", as it seeks to avoid a surplus in supplies in the market.
The bank expects a strong recovery in demand for oil this summer, which requires an additional two million barrels per day of "OPEC +" production, from next July to next October.
Hussein Hatem
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} Oil prices fell today, Monday, canceling strong gains made in the previous session, which were supported by the decision of "OPEC +" to gradually reduce some of its restrictions on production between May and July of this year.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. [You must be registered and logged in to see this link.]
Brent crude futures fell, by 04:05 GMT, by 1.46% to $ 63.91 a barrel, while West Texas Intermediate crude fell 1.42% to $ 60.92 a barrel.
The contracts of both contracts were settled by more than two dollars a barrel on Thursday, as investors considered that the decision of "OPEC +" confirmation of a recovery led by demand, and optimism increased due to US President Joe Biden's plan to spend on infrastructure, and allocate two trillion dollars for that.
The countries of the "OPEC +" group agreed to ease production restrictions by 350 thousand barrels per day next May, another 350 thousand barrels per day next June and about 400 thousand barrels in July.
Analysts at "Goldman Sachs" bank said that the decision indicates a caution on the part of "OPEC +", as it seeks to avoid a surplus in supplies in the market.
The bank expects a strong recovery in demand for oil this summer, which requires an additional two million barrels per day of "OPEC +" production, from next July to next October.
Hussein Hatem
[You must be registered and logged in to see this link.]
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