Friday , February 26 2021

Oil, fixed prices above USD 60 per barrel



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Analysts rely on oil exporters' decision of exporters of countries

Photo: AFP

Photo: AFP

Today, November 27 is stable after the oil market Active price increase for Brent and WTI on November 26. According to analysts, investors are expecting OPEC agreements to reduce "black gold".

So, as of 10:20, in Kiev futures, assets for Brent oil with delivery in February rose to $ 60.16 per barrel. Meanwhile, the division of international rating agency Fitch Solutions has reduced the price of Brent oil for 2019. At the moment, the agency expects North Sea oil to cost $ 75 per barrel instead of $ 75 per barrel, as expected in early November.

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The January futures price for the North American WTI blend rose to $ 51.24 per barrel. The Fitch Solutions forecast for WTI fell from $ 75 to $ 69 a barrel.

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"Our view on supply and demand is not exposed to radical changes, but the balance in the world is now more likely to consume more fuel in the market" – Fitch said in a statement.

Overall, the decline in the oil market was due to concerns over excess supply after the United States set an exception. A number of countries from Iran were allowed to buy oil after the entry into force of sanctions against this situation.

At the same time, OPEC countries could not agree on limiting oil production in 2019. The next meeting will be held in early December, and experts believe that the main agreement at the G20 summit in Buenos Aires from 30 November to 1 December will be reached earlier.

Experts also warn: The aggravation in Azak can accelerate the decline in oil prices.

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