Thursday , July 7 2022

The oil is more than $ 60 / bbl, but if you exceed the growth limits


YORK NEW YORK (Reuters) – Oil prices have fallen by 3% on Monday, but some of the slowdowns in the previous session have been slowed down, but growths have only reached signs of increasing global economic growth and supply, including Saudi production record.

FILE: An oil pump is seen outside the Sun, at Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS / Christian Hartmann / Photo Photo

Brent's future gross LCOc1 rose to $ 2.03, or 3.5 percent, $ 60.83 barrel, 1:11 p.m. EST (1811 GMT). United States West Texas Mean (WTI) crude oil CLc1 was $ 1.45, or 2.9%, with $ 51.87 in cash.

Friday prices were on Friday, October 2017, increasing the fear of excessive supplies. Brent had sunk 58.41 pounds while it fell to WTI $ 50.15.

"Prices were very shaken last week," said Commerzbank Commercial Analyst Carsten Fritsch. "It is not surprising to see a mobile contrast".

By improving oil prices, US stock markets generally increased Cyber ​​Monday, the largest annual trading day. Future markets continue to grow in future markets.

CWS's Oklahoma WTI's retail point warehousing stores have found some help from Tuesday to Friday, with just 126 sales, saying merchants, citing a Genscape market intelligence firm.

However, the worries of the demand and the Saudi departure limited the bounce on Monday in Saudi Arabia

Saudi crude oil production rose 11.11-11.3 million barrels per day (bpd) in November, which is high at all times, a source of industry.

The rise in the dollar's emphasis on the devaluation of the key market in the market today, the increased borrowing costs and the threats of global conflict negotiations between the United States and China have pushed investors to the assets, closely linked to the global economy, such as capital or oil.

Only in November, hedge funds raised more than 12 million dollars in the oil market, due to the sharp decline in Brent and WTI's sustainable development business, and the average monthly oil price.

Although the minimal cuts in the output of the Petroleum Exporting Countries organization is not enough to dump the slide.

OPEC will meet in Vienna next December 6, boosting production by Saudi Arabia to produce 1.4 million pesetas.

Goldman Sachs (GS.N) said the G20 meeting could be a catalyst for reductions in raw materials this week, possibly destroying the USE-China trade voltages and the greater clarity of the OPEC oil movement potential.

Goldman believes that OPEP and other nations will receive an agreement to recover Brent prices.

"We did not believe that Brent's price was believed to be $ 86, or $ 59, with the forecast of Brent in 2019 with $ 70," Goldman said.

Graph: Build Brent Oil Opportunities 2019 –

Graph: Gross crude oil supply and demand balance overall –

Additional information on Amanda Cooper in London and Henning Gloystein in Singapore. Editors by Marguerita Choy and Chizu Nomiyama

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