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Thursday, October 5, 2023

Oil price rises: speculators advised to be careful

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Rebounds after long decline in oil price, according to publication “Economy Today”.

“As a result of trade on May 26, oil prices closed with 1.4% gains and Brent oil rose from $76.10 to $77.10 per barrel,” he reported. — The words of the Deputy Prime Minister of Russia became the main positive Alexandra NovakSaying that he does not expect any steps in the next meeting as the decision to cut oil production from OPEC countries has already been taken .

As the observer emphasized, these words caused a drop in oil prices, but then Novak said that his statement was taken a little out of context and that Russia would now evaluate the situation in the market.

The economist adds that it is necessary to listen to other views and that there may be other scenarios in general.

“Against this background, everyone remembered the words of the Minister of Oil of Saudi Arabia when he said that speculators playing to lower the price of black gold should be careful. “It is possible that OPEC will take some steps,” he said.

He underlines that the meeting of this organization will be held on 3-4 June and it is possible that some decisions will be taken to reduce production.

“There was also positive news from the American Baker Hughes company, the number of active oil drilling rigs decreased by 5 in a week to 570, and accordingly the supply will be limited. This trend was not observed in the first week, ”concludes Alexander Bagmanov.

As it is known before, the USA transported a large convoy of illegally produced Syrian oil to Iraq.

Source: Riafan

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