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Investors fear a drop in demand for oil and lower prices | ubr.ua

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If not, the statements from Saudi Arabia, prices fell even more

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World oil prices declined slightly at the beginning of a new week: the may futures Brent crude has fallen in price on 0,21% and has reached up to $67,02 per barrel, while American WTI blend — on 0,36%, to $58,61/bbl. The decline is not very large, especially considering the previous price. However, it reflects the uncertainty of investors in the further development of the economy.

Last Friday, analysts are impressed with a negative report of U.S. industrial production grew only 0.1%, while the predicted 0.4%. Call it a new trend not only for America but for the entire global economy. Which, of course, did not like the economists who are accustomed to associate economic development with the demand for oil.

Supported oil prices news about the plans of the United States to impose sanctions against Venezuela and Iran, report on the reduction in the number of American drilling. As well as the forecast of the Minister of energy of Saudi Arabia Khalid al-falikha that OPEC and partner countries in the coming weeks to implement the agreement on oil production up to 100% and even surpassed this figure.

“The participating countries of the agreement on OPEC+ (reduction of oil production) in February, has fulfilled its terms by 80%. The countries outside of OPEC, has fulfilled the agreement OPEC+ in February 51%, Russia — only 36%,” — explained the current situation analyst GK Forex Club Denis Povtoreiko.

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