Oil continues to trade below $40 per barrel

Oil prices are rising on Monday after a sharp drop last week, Swissinf reports.

Over the weekend, some of the oil producers working in the Gulf of Mexico suspended operations again due to the approach of another hurricane, which may lead to a temporary decrease in supplies from the region, AxiCorp experts say.

The cost of November futures for Brent oil on the London ICE Futures exchange on Monday is $39.92 per barrel, which is $0.09 (0.23%) higher than the price at the close of the previous session. As a result of trading on Friday, these contracts fell by $0.23 (0.6%).

The price of WTI crude oil futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $37.51 per barrel, which is $0.18 (0.48%) higher than the level of the previous session. On Friday, these contracts rose in price by $0.03 (0.08%).

Last week Brent fell by 6.6%, WTI – 6.1%. Prices for both grades of crude fell for the second week in a row amid concerns about continued weak demand, as well as rising US stocks.

The focus of the oil market is still the OPEC+ negotiations. A meeting of OPEC+ Joint Technical Committee (JTC) is scheduled for Wednesday, and a meeting of OPEC+ Joint Ministerial Monitoring Committee (JMMC) is scheduled for Thursday.

Individual OPEC+ countries still do not fully fulfill their promise to cut production, and this issue is likely to be discussed by the monitoring committee this week, writes Blomberg.

Earlier it was reported that the United States reduced oil imports from Saudi Arabia by almost 50%.

Tags: contracts, oil, hydrocarbon production, Top management, USA, energy market, авиатопливо, oil production, coronavirus, foreign affairs, OPEC+, OPEC, negotiations, price, agreement, volumes, petroleum products, gasoline, infrastructure, energy sector, quarantine, Brent, WTI, pandemic, Saudi Arabia, oil pipeline, COVID-19, decline in production, oil reserves, crisis, economy, market, oil and gas industry, oil production, supplier, consumers, oil market

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