Moscow. April 30. INTERFAX.RU — the price of oil reference marks continues to rise Thursday on the wave of optimism associated with signs of recovery in energy demand.
the Cost of June futures for Brent on London’s ICE Futures exchange to 7:15 GMT on Thursday is $25 per barrel, or 11% ($2,46) above the price of closing of previous session. On the eve of the contracts increased by 10%.
Futures for WTI for June at auction new York commodity exchange by this time rose by 16% ($2,4) — up to $17,46 per barrel. On the eve of the contracts increased by 22%.
Wednesday the price was supported by data on the reduction, according to the Ministry of energy, gasoline stocks in the United States by 3.67 million barrels, while analysts had expected growth of around 2.5 million barrels.
rising demand for petroleum products began to market a pleasant surprise. The growth of oil reserves, although unprecedented, was also below forecasts.
the Ministry of energy also sees signs of recovery in oil demand due weakening of quarantine in some countries. The head of the Ministry Alexander Novak at a meeting on energy development said that he sees “green shoots” of recovery in demand. “In Central Europe, the decline in demand for petroleum products declined by 10-15 percentage points — from 75% to 55-60%, — said Novak. Given this, and given the fact that since may 1, will earn the agreement of OPEC+, the imbalance in the second half of may should decrease”.
the Ministry of petroleum and energy of Norway, which accounts for 2% of global production, decided to cut production by 250 thousand barrels per day from June.
At the same time, oil market participants expect high volatility as the market recovery in any case is still far.
details of the new transaction.
