Oil rose for a second day, the price reached $ 63.23 a dollar

  • And
  • +A

The global oil market the second day is on the upside. The optimism of big investors can understand the prospects for further growth of world oil prices is very real. Cancel Donald trump tariffs on Mexican products as well as the upcoming meeting of the OPEC+ supported the market.
Futures on Brent crude oil are traded today near $of 63.23 per barrel, while futures for oil shale crude oil prices are near $53,68. At the moment, the attention of large investors focused on the impending meeting of the Organization of countries-exporters of oil, which will be held June 25-26. This is a very important event. In my opinion, OPEC+ will make a decision on a significant reduction of oil production to not only stabilize the global market, but to drive oil prices to prices of $70-75 per barrel.
Take into account will be the scenario in which the U.S. will again signal the manipulation of the oil market with OPEC countries. On the other hand, OPEC countries and Russia will give the market share of America in favor of the restoration of the prices for oil and its future growth. Perhaps now we need to take radical steps to prevent a collapse of prices below $40 per barrel. Before the meeting of OPEC countries+ the price of Brent will be in the range of $61,50 to 65.00 per barrel and WTI from $52,82 to 55,30 per barrel.
This pricing is projected proceeding from conditions of preservation of the current situation in the geopolitical arena. If the U.S. will once again give signals the escalation of trade war, as with China, the price of crude oil to decline again. The threat of a world falling of demand for oil plays an important role, as speculative futures contracts create a situation in the global oil market.
_________________
Gaidar Hasanov
Expert
“International financial center”