Home Top News Commodities: Oil is becoming more expensive due to the positive statistics of the Chinese and US economies

Commodities: Oil is becoming more expensive due to the positive statistics of the Chinese and US economies

Commodities: Oil is becoming more expensive due to the positive statistics of the Chinese and US economies

Oil prices are strengthening today on the back of positive figures from the Chinese and US economies. They wiped out part of the losses from the previous session, and Brent and WTI oil were discounted more than three dollars due to the increase in production of the OPEC + Group and the effects of the Kovidu-19 epidemic. This causes constant market fluctuations.

At 18:15 CEST, North Sea oil Brent rose 1.8 percent to $ 63.28. US light crude WTI rose 2.1 percent to $ 59.86.

The Supply Management Agency (ISM) on Tuesday announced a record high in the U.S. Services Services Index for March. The service sector also strengthened in China, where sales saw a sharp increase in three months.

From Monday, it will release anti-epidemic measures from the UK, which will open, among other things, not only essentials, but also outlets of restaurants or open shops selling hairdressers. However, oil prices have been adversely affected by the new regulations in most parts of Europe and the rise of new epidemics in India.

The OPEC + Group, which brings together key producers of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, decided on Thursday to increase production every month from May to July: 350,000 barrels in May, and another 400,000 barrels a day in June and July at 350,000. Iran has begun deregulation of production, and oil production is on the rise.

Brent oil price improvement (1-hour chart – H1):

WTI Oil Price Improvement (1-Hour Chart – H1):

Source: CDK, Reuters, MD4

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