Prices are influenced by the Saudi Arabia’s decision not to support the oil market through further reduction in labor.
In world markets, oil prices are ongoing. The “psychological level was passed” $ 60 per barrel, according to trading data on Thursday, May 1st.
So, up to 13:40 in KYIV, the cost of June Futures in the Brent Variety at the Ice Futures London Exchange fell $ 1.72 and costs $ 59.34 per barrel, which is 2.82% less than closing past trading.
The WTI oil futures for June at the New York Model Exchange (NYMEX) electronic auction fell $ 1.69 to $ 59.31 per barrel. It is 2.90% lower than when closing markets on Thursday.
On the eve of Reuters, citing resources, it is reported that Saudi Arabia does not want to maintain the oil market for further reduction in labor and can cope with the collapse of prices.
Riyadh is said to have been angry that Kazakhstan and Iraq had obtained more target indicators established by the OPEC+team. In recent months, Saudi Arabia has called on OPEC+ countries to observe the established goals and pay off the excess proposal. But now, it seems, tactics are changing.
The market also insists on the fact that from May 1, OPEC+ countries have increased their maximum production level.
Remember that last month the oil price has fallen for more than three years. In general, in April, Brent lost 15%in price, and WTI – 17%.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.