Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent is stable near $83.50 per barrel


March, 04 2024
watermark Economic news

On Monday afternoon, oil prices are slightly declining after a noticeable increase last week, while remaining in the area of two-week highs above $ 83 per barrel.


The current Brent quote is $83.31 per barrel. Yesterday's high was marked at $84.26. WTI oil is trading near $79.50 after rising to $80.30 per barrel the day before. Over the past week, Brent oil prices increased by 3.4%, WTI – by 4.6%.


Last weekend, several OPEC+ countries announced the extension of additional voluntary oil production cuts during collective negotiations. The restrictions, effective from January 1 and amounting to about 2 million barrels per day, will be maintained until the end of June. The alliance members stressed that these measures are aimed at maintaining the stability and balance of the global oil market, and excess volumes will be gradually restored.


In general, the market expected a partial extension of restrictions for the second quarter, but the announced measures exceeded expectations. OPEC+ production was expected to quickly exceed 36 million barrels per day in May, but now the forecast shows that it will amount to 34.6 million barrels for the entire second quarter and increase to 36.3 million barrels in the second half of the year.


The price dynamics were also influenced by data from Baker Hughes on the number of operating oil rigs in the United States last week: they showed an increase of three units to 506, while the number of gas rigs decreased by one, reaching 119.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.