The market noted the first gusts of Saudi Arabia on the implementation of the new agreement cartel
Oil actively expensive. The evening of 9 January, the world price of March futures for Brent crude gained 5% and reached $61,69 per barrel, while American WTI with delivery in February added to the price of 4.82% and have reached $for 52.17 per barrel. Auctions have become the most dynamic since the beginning of 2019.
After much gossip that fails to comply with the December OPEC agreement to reduce output by 1.2 million barrels a day, and that everything will remain only on paper. The market greatly impressed the first evidence in favor of the cartel agreement.
The Minister of energy of Saudi Arabia Khalid al-falih said that his Kingdom has already reduced oil production to 10.2 million barrels. Agreement not yet fully executed: the daily rate should sink to 9.99 million (10,311 million), however the market had and the first steps of Arab oil.
The second factor playing into the rise in oil prices is a reduction of commercial oil reserves in the U.S. 1.7 million barrels January 4 and 6 million — for the past week. They amounted to almost 440 million barrels. The third moment is geopolitical.
“Even the oil market are pushing up expectations of productive negotiations on a trade agreement between China and the United States. Frankly, the fact that these talks have now inspires investors”, — said a senior analyst at the information-analytical center of Alpari Anna Bodrova.