Oil prices plummeted on Friday, March 12, 2021, and stood at $ 70 per barrel, as major oil producers imposed export limits, reducing supply.
Kiev. Ukraine. Ukraine Gate – March 12, 2021 – Economy
The price of May Brent crude oil on the London Stock Exchange ICE is $ 69.49 a barrel, which is $ 0.14 (0.2%) lower than the closing price of the previous session.
The price for Brent May oil on the ICE Futures Exchange was $ 69.49 a barrel, which is $ 0.14 (0.2%) below the closing price of the previous session. Experts believe that the reason for this is the restrictions imposed by Coronavirus.
Brent crude futures may show the strongest weekly increase in eight weeks after hitting a maximum of 13 months on Monday due to attacks on oil platforms in Saudi Arabia. Being attacked by hussies.
The sentiment was also supported by OPEC +’s decision earlier this month not to change the parameters of the production restriction agreement in April.
“Assuming the vaccination programs are successful, we expect to release the delayed order this summer during the US and European road trip season,” said a note from FGE analysts.
The United States, the world’s largest consumer of oil, saw a sharp drop in gasoline inventories last week due to disruptions at Texas refineries due to abnormal frosts.
OPEC said on Thursday that a recovery in oil demand would occur mainly in the second half of the year.
Brent oil is priced at $ 69.07 per barrel. As of 09:15 Kiev time; At the open, Brent crude was trading at $ 69.50 a barrel, which is 13 cents less than the closing level ($ 69.63).
Read Also: Hussites Attacked Oil Facilities in Saudi Arabia
Source: Ukrgate