Oil Scandal as the Russian oil inflated the price of raw materials
The price of oil on Thursday, April 25, to 17.34 GMT increased relative to the previous close of 0.5% to 74.94 USD per barrel.
The market of “black gold” is updated on Thursday highs – already in October – above the level of 75 dollars per barrel (75,59 dollars).
To the risks of shortages in the global oil market due to the cancellation of exceptions to the anti-Iranian sanctions, the United States added to concerns about the interruption in Russian oil supplies to Europe because of the scandal, with the fall in its quality.
Last week in the trunk pipeline “Druzhba” in the South of Belarus it was found high content of chlorides. “Transneft” has recognized the fact of presence of harmful impurities and announced measures to tackle the problem. Poland stopped receiving oil from the oil pipeline “Druzhba” on the evening of Wednesday 24 April – 1-2 weeks. The Czech Republic also suspended the import of oil by pipeline. There is a danger full stop “Friendship”.
Meanwhile, Deputy Prime Minister Dmitry Kozak, who oversees the Russian fuel and energy complex, stated that on April 29, the oil in “Friendship” at the entrance to Belarus will be clean and announced on Friday, trilateral negotiations of Russia with Belarus and Poland. It will be discussed, including the possibility of evacuation by Russia of poor-quality oil from the pipe on the territory of these countries.
China increased in March by 23% on a monthly basis, the volume of purchases of crude oil from Saudi Arabia to 7.33 million tons. Russia lowered oil supplies to China in March by 7% to 5.35 million tonnes. The third volume was the delivery of oil to China from Angola, which fell by 31% to 4.43 million tons.
The Euro vs dollar continues to remain under pressure amid weak macroeconomic statistics across Germany. However, weak weekly data on the US labor market has allowed the European currency to regain some ground against the dollar.
In the end, 17.34 GMT, the Euro declined with the start of trading on the last fixing within 0.05% and was equal to the dollar 1.1150 levels.