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According to today’s oil price report on July 19, oil prices fell nearly 4% in early trading on Monday, and WTI crude oil fell above US$69 per barrel.
Earlier, OPEC’s Petroleum Exporting Countries (OPEC) decided on Sunday to return to the market every month from August.
400,000 barrels per day (bpd), until all production cuts of 5.
8 million barrels per day are lifted
.
The prospects for the OPEC alliance to increase oil supplies each month coincide with the increase in the number of infections in many countries, as the Delta virus spreads faster
.
The Organization of the Petroleum Exporting Countries (OPEC, referred to as: OPEC) and its non-OPEC partner countries led by Russia increased supplies, and concerns that the recovery of global oil demand may be hindered dragged down oil prices on Monday
.
As of 8:22 am Eastern Time, WTI crude oil prices fell 3.
9% to US$69.
01, and Brent crude oil fell 3.
52% to US$71.
00
.
The fact that OPEC reached an agreement on production and benchmark production levels eliminated a major uncertainty in the market, partly due to concerns about the disintegration of the alliance
.
Helima Croft, Head of Global Commodity Strategy at RBC Capital Markets, told CNBC that this transaction is constructive to the market.
He pointed out: “This agreement should give market participants comfort that the group will not move towards a chaotic spin-off.
The production floodgate will not be opened in the short term
.
”
Although OPEC will increase more and more supplies in the next few months, many analysts still believe that due to the continued growth in demand, the market will remain relatively tight
.
For example, ING has maintained its Brent crude oil price forecast of US$75 per barrel in the third quarter of this year, because OPEC's increased supply is in line with the bank’s previous forecast
.
ING strategist Warren Patterson and Wenyu Yao Earlier Monday, said: "Healthy demand growth coupled with moderate OPEC supply growth, at least may still constitute support to the oil market in the short term"
.
Goldman Sachs continues to be bullish on oil and even believes that the OPEC agreement is higher than the expected price of Brent crude oil futures at $80 a barrel this summer
.
Earlier, OPEC’s Petroleum Exporting Countries (OPEC) decided on Sunday to return to the market every month from August.
400,000 barrels per day (bpd), until all production cuts of 5.
8 million barrels per day are lifted
.
The prospects for the OPEC alliance to increase oil supplies each month coincide with the increase in the number of infections in many countries, as the Delta virus spreads faster
.
The Organization of the Petroleum Exporting Countries (OPEC, referred to as: OPEC) and its non-OPEC partner countries led by Russia increased supplies, and concerns that the recovery of global oil demand may be hindered dragged down oil prices on Monday
.
As of 8:22 am Eastern Time, WTI crude oil prices fell 3.
9% to US$69.
01, and Brent crude oil fell 3.
52% to US$71.
00
.
The fact that OPEC reached an agreement on production and benchmark production levels eliminated a major uncertainty in the market, partly due to concerns about the disintegration of the alliance
.
Helima Croft, Head of Global Commodity Strategy at RBC Capital Markets, told CNBC that this transaction is constructive to the market.
He pointed out: “This agreement should give market participants comfort that the group will not move towards a chaotic spin-off.
The production floodgate will not be opened in the short term
.
”
Although OPEC will increase more and more supplies in the next few months, many analysts still believe that due to the continued growth in demand, the market will remain relatively tight
.
For example, ING has maintained its Brent crude oil price forecast of US$75 per barrel in the third quarter of this year, because OPEC's increased supply is in line with the bank’s previous forecast
.
ING strategist Warren Patterson and Wenyu Yao Earlier Monday, said: "Healthy demand growth coupled with moderate OPEC supply growth, at least may still constitute support to the oil market in the short term"
.
Goldman Sachs continues to be bullish on oil and even believes that the OPEC agreement is higher than the expected price of Brent crude oil futures at $80 a barrel this summer
.
