A number of conflicting factors are putting pressure on the oil market, who is in dire need of powerful incentives.
Oil prices in recent days remain in the range 54,5-56 dollars per barrel, but at the moment trading is at the mark 55,6-55,7 dollars per barrel of black gold.
As the experts of the financial analytics department explained ABF "Economics today», the market is currently under the influence of several factors. For example, on the one hand there is an OPEC + deal, the conditions of which the member countries of the alliance adhere to, thereby regulating the level of oil supply (plus a voluntary reduction in production by Saudi Arabia in February-March of this year). This keeps oil quotes high.
"On the other hand, lockdowns in different countries are extended, infections are growing in China (albeit in small quantities), the activity of US companies in the production of shale oil is increasing, which is reflected in the growth of drilling rigs, statistics are provided weekly by Baker Hughes. The development of events on the US nuclear deal with Iran is also expected., as a result of a return to which additional oil may enter the market ", – the analysts of the publication explained.
According to experts, strong incentives are needed for further growth of quotations, confirming the increase in oil demand (reduced restrictions due to the pandemic, mass vaccination and so on), which are not yet available.
“We assume, that in the coming days, it is more likely that prices will continue to correction down into the range 53-54 dollars per barrel ", – * experts of the publication predict.
Associate Professor of the Department of Economic Development of the RANEPA Pavel Gribov previously told the publication, that for the Russian economy the main current task is to overcome the consequences of the "coronacrisis".
*This forecast is the opinion of the editorial board and is not a recommendation for performing transactions in the financial markets.
Tatyana Lenskaya
