Oil: trump continues to advance on OPEC+

  • And
  • +A

The saving campaign of the American President pertiwisari in oil prices continues. Donald trump, apparently, genuinely believes that low oil prices will help to avoid the global economy new global crisis.
Of course unlikely, but we have to admit, to honor the American President that he consistently adheres to his belief. So as soon as the price of a barrel of Brent came close to $70, Donald trump caused a new Twitter attack on quotes, sending them to the level of $64. Then Brent practically a week to recover, using supporting representatives of the OPEC+ and the positive industry statistics.
The current recovery momentum is almost exhausted, however, oil stocks remain another release. Today, March 1 will be published data on the number of drilling rigs in the United States, from the Agency of Baker Hughes. Given the trend to reduce the number of drilling since the beginning of 2019, in the evening, oil prices may get support that, together with the above factors, will allow a barrel of Brent is still a little to stay in the range of $66-67.
Anton Bykov,
Chief analyst,
OOO “CAFT” (Center Analytics and financial technology)