2024-03-09 07:57:52
Oil prices continue to decline moderately during the day on Tuesday.
As Day.Az reports with reference to Interfax, May Brent futures fell in price on the London ICE Futures exchange by $0.17 (0.21%), to $82.63 per barrel.
By this time, April futures for WTI had fallen in price on the NYMEX exchange by $0.31 (0.39%), to $78.43 per barrel.
The day before, Brent fell in price by 0.9%, WTI – by 1.5%.
Several OPEC+ countries have agreed to extend additional voluntary oil production cuts. The restrictions, which came into force on January 1 and amount to about 2 million bpd, will remain in effect until the end of June.
Optimism due to supply restrictions was offset by data on the growth of oil production in countries outside OPEC+, as well as by the uncertainty of forecasts for the Chinese economy.
“OPEC+ must ensure that all agreed measures are strictly adhered to so that oil remains above $80 even if geopolitical tensions ease,” said Commerzbank analyst Carsten Fritsch. “Oversupply in the second quarter will most likely be avoided. However, The market has already been waiting for the restrictions to be extended for three months.”
Analysts also evaluate the statements of the Chinese authorities, who have set a target for the country’s economic growth rate of 5% for the current year. Last year, the goal was at the same level, but in fact the economy grew by 5.2%, said Premier of the State Council of the People’s Republic of China Li Qiang.
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