Crude oil prices varied in anticipation of the OPEC meeting
Oil prices recorded a clear variation in the passage of trading today, Monday, after the strong losses that it recorded at the beginning of today’s trading due to optimism about the global demand for crude oil in the markets during the coming period, with global economies gradually recovering from the repercussions of the outbreak of the new Corona virus.
US crude futures rose 0.10% to $ 62.20 a barrel. At the same time, Brent crude futures fell by 0.09% to $ 65.30 a barrel.
Crude oil prices recovered during Monday’s trading, supported by optimism about a recovery in global demand for crude oil, especially after the release of the OPEC report on oil expectations, as news reports stated that the Joint Technical Committee of the Organization of Petroleum Exporting Countries, OPEC, ended up maintaining expectations. Reuters also indicated that the committee has indicated the potential negative effects on oil demand levels and then oil prices that may result from high levels of Corona virus infections in Brazil, India and Japan.
Also, the statements of OPEC Secretary-General Muhammad Barkindo, today, Monday, that OPEC sees positive signs in the recovery of the global economy and the prospects for the oil industry during the coming period, adding that there are positive indications of the recovery of demand with the improvement in the performance of global economies, which strengthened the recovery of oil prices. By the passage of the trades.
And oil prices had decreased at the beginning of trading today, Monday, due to concerns about the outbreak of the new Corona virus in many countries, especially India, which is one of the largest consumers of crude oil in the world, and also, Germany’s tendency to tighten closure restrictions again in light of the outbreak of the Corona virus strongly, contributed In a negative impact on oil prices, given that Germany is one of the largest European economies.
It should be noted that the oil markets are awaiting the meeting of the Joint Ministerial Committee of the Organization of Petroleum Exporting Countries and its allies in the middle of this week. This meeting is considered important for the movement of crude oil because of waiting for the decision related to the agreement to reduce oil production and whether or not it will be extended for a new period. Therefore, the movement of Crude Oil is likely to fluctuate this week, especially with the release of more reports and comments from decision-makers regarding oil production.
With regard to other energy sources, gasoline contracts decreased during Monday’s trading by 0.52% to $ 1.9947 a gallon. Meanwhile, natural gas contracts rose and recorded $ 2.853 per million thermal units, while heating oil contracts rose by 0.51% and recorded about $ 1.8853 per gallon.