Oil continues to decline in price

Oil prices are falling on Tuesday amid concerns about tighter quarantine measures in some countries. It is reported by Interfax.

Brent crude futures price for September on the London ICE Futures exchange by 9:17 a.m. on Tuesday is $41.96 per barrel, which is $0.76 (1.78%) lower than the closing price of the previous session. On the eve of these contracts fell in price by $0.52 (1.2%), to $42.72 per barrel.

Futures for WTI in August at electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell in price by $0.84 (2.09%) to $39.26 per barrel. On Monday, the value of these contracts decreased by $0.45 (1.1%), to $40.1 per barrel.

The growth of coronavirus infection in the world continues to raise concerns among traders, writes S&P Global Platts. On Monday, California Governor Gavin Newsom ordered the suspension of restaurants, bars, museums, and other indoor facilities in all counties.

“July may be an even more difficult month for oil than expected, given the negative impact of coronavirus uncertainty on demand,” said AxiCorp analyst.

This week, traders are also waiting for a meeting of the JMMC, which is scheduled for July 15.

Since August, OPEC+ countries are preparing to move to the second stage of the deal, which means a partial restoration of oil production at the level of 7.7 million bpd.

Tags: contracts, oil, hydrocarbon production, EU, USA, energy market, Asia, добыча нефти, coronavirus, foreign affairs, OPEC+, OPEC, The Ministry of Economy, agreement, oil products, gasoline, auctions, energy sector, quarantine, Brent, WTI, pandemic, COVID-19, decline in production, oil reserves, crisis, market, oil production, supplier

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