the Price of Brent crude on the ICE futures exchange in London rose above $40 per barrel, according to the auction. Above this level it does not rise since March 6.
According to trading platform 3.56 MSK, the cost of the futures on Brent crude for delivery in August 2020 rose to $40.09 per barrel, to 4. 29 GMT — to 40.37 per barrel, at 4.55 Moscow time the cost was $of 40.31. Level above $40, the price of Brent reached for the first time in three months — March, April and may.
June 2, the cost of the August futures for Brent crude during trading on London stock exchange rose to $38,76 per barrel.
Any changes in the agreement with OPEC+ will depend on the negotiations between Moscow and Riyadh, says the Agency. If OPEC+ will be able to negotiate the extension of the restrictions in the next three months, “there is a possibility that the market may go from a strong surplus in this quarter to a shortage of supply in the III quarter,” says economist Bank of Singapore Oversea-Chinese Banking Howie Lee.
From the beginning of 2020. due of the spread of coronavirus and the initial refusal of OPEC+ from the extension of the transaction to reduce production, the price began to fall. 12 APR agreement still has been achieved. OPEC countries agree to reduce production to 9.7 million barrels per day in the next three months.
