A peace agreement with Ukraine can lead to raising penalties from Russian supplies, which may exacerbate excess oil, predicted by the end of the year.
Oil prices in the world continue to decline on Monday after the maximum collapse from the beginning of June last week. This has been proven by the results of trading on the morning of July 11.
Thus, up to 11:00 in Kyiv, October futures in Brent fell to $ 0.64 (0.96%) to $ 65.95 per barrel in the exchange of ice futures. On Friday, Brent rose $ 0.16 (0.24%), up to $ 66.59 per barrel.
September futures at WTI fell on the price of electronic trading in NYMEX’s New York Commodity Exchange of $ 0.69 (1.08%), up to $ 63.19 per barrel. For the previous session, the cost of these contracts has not changed, which is left at a level of $ 63.88 per barrel.
Generally, last week, Brent’s oil dropped to the price of 4.4%, and WTI – by 5.1%.
According to Western Media, the market’s attention is now aimed at the announced meeting of the leaders of the United States and Russia in Alaska, which could launch war -warnings in Ukraine.
Remember that US President Donald Trump recently announced that his meeting with Vladimir Putin will be held on August 15 in Alaska.
According to Bllomberg, a peace agreement could lead to raising penalties from Russian supplies, which potentially worsen excessively, predicted by the end of the year.
“It is difficult to agree with such an agreement. If as a result we can resolve this situation, Brent prices may fall below $ 65 with the risk of the end of the fourth quarter they will fall below $ 60,” said Robert Renny, head of raw materials and carbon in the Westpac Banking Corp.
Remember that Russia is preparing to reduce oil prices to $ 40 per barrel due to excessive supply, slowing China’s economy and increased OPEC+oil production. This was reported by Ukraine’s Foreign Intelligence Service.
It was also reported that Russian oil taxes in July reduced by about 33% to 710.4 billion rubles.
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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.