(New York) Oil prices ended higher after the meeting of the main producing countries, which left expectations of production quotas as they are for the next three months, and on the eve of US stocks.
A barrel of North Sea Brent crude for June delivery ended at $ 66.42 in London, up 1.17% from the previous day’s close.
In New York, a barrel of WTI crude for the same month closed at $ 62.94, up 1.66%.
During a one-day advanced ministerial summit, members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, meeting in OPEC +, agreed on Tuesday not to adjust the black gold production quotas fixed in early April for the next three months. .
As the market prepared for this, coalition members decided to maintain their schedule of gradually opening the black gold faucet.
After the previous summit decision 1he is April, the current level of production will be increased by 350,000 barrels per day in May, then an increase in June and finally 450,000 barrels per day in July.
“They’re still on the way to returning more barrels to the market,” said Matt Smith of ClipperData.
L’analyste aussi souligné que les investisseurs étaient globalement rassurés au sujet de la demande américaine, à la veille du rapport hebdomadaire de l’Agence américaine d’Information sur l’Énergie (EIA) sur les réserves de brut et de produits pétux United State.
Matt Smith said: “We should see a further decline in inventories because the fundamentals are good in the US and the demand for crude oil increases.”
Analysts are forecasting Crude Oil inventories to drop by 1 million barrels for the week ending April 21st, after a slight rebound in the previous week.
Against this optimism, the market remained vigilant about demand risks, linked to the spread of COVID-19, especially in India.
Eugene Weinberg, analyst for Commerzbank, warned that “there is still a risk that the widespread spread of the Corona virus in India, Brazil, Japan and Turkey will affect global economic growth and” impede “the recovery of oil demand.
In addition, the Libyan National Oil Company (NOC) announced, on Monday, the lifting of the force majeure status of one of the main oil ports in Libya, after a week of disruption due to budget shortages.