Analytical Reviews

Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact 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 rose to $114 per barrel


May, 06 2022
watermark Economic news

The price of oil is rising on Friday on continuing concerns that the market will face a shortage of supply.


The current Brent quote is $112.57 (the daily maximum is at $114 per barrel). WTI oil is trading at $109.56 (the daily maximum is $110.84 per barrel). Analysts note that since the beginning of the week, oil quotes have increased by more than 5% and may end with a strong increase for the third week in a row.


OPEC+ countries yesterday agreed to maintain the plan to increase the production quota in June by 432 thousand barrels per day. However, despite a systematic increase in quotas since August 2021, OPEC+ cannot reach the permitted production level. It is noted that by the end of March, producers lagged behind by 1.45 million b/s.


Meanwhile, European states are preparing to restrict oil imports from Russia. Earlier this week, the European Commission proposed to impose an embargo on Russian oil supplies to EU countries as part of the upcoming sixth package of sanctions. An additional impact on the dynamics of oil prices is the concern about demand due to the outbreak of coronavirus in China, as well as about the increasingly narrowing supply.


Moreover, the US has announced its intention to start buying oil on the market to replenish the strategic reserve (SPR). It is expected that the Ministry of Energy will begin accepting applications from sellers this fall, although real deliveries will begin later.


コメントする

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 is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.