While oil prices focused on the OPEC+ meeting, expectations that demand would be restrained by the increase in cases in China continued to exert downward pressure on prices.
US crude oil traded at $ 105, while Brent oil fell to $ 111.
However, the gap between the contracts in Brent oil continued to signal that prices would go up. In Brent oil, it has been observed that recent contracts are more expensive than later contracts.
The situation of the epidemic in China is closely monitored in the oil market
While the spread of the epidemic in China is closely watched by global markets, new records are recorded in cases in Shanghai, the financial center of the country.
According to the city government's official WeChat account, as of March 28, 4,381 asymptomatic and 96 symptomatic cases were registered in the region. This figure showed that the cases had reached a record level.
50 symptomatic and 3,450 asymptomatic cases were detected the previous day in Shanghai, which is one of the largest big cities in the country, which has an independent administration in the state status. It is noteworthy that there is a big difference between the number of cases that have turned into a disease in the city in recent days and the number of cases that do not show any symptoms.
Attention OPEC+ meeting
In oil, all the attention is turned to the OPEC+ meeting to be held on Thursday.
OPEC+ looks set to stick to its plans for a moderate increase in oil production in May, despite rising prices due to the Ukraine crisis and consumer demand for more supply.
OPEC+, which has increased its production target by 400 thousand barrels a day every month since August 2021, agreed to increase production by 432 thousand barrels a day in May at the meeting last year.
Many oil-consuming countries, including the United States, have urged producers to further increase their output as crude oil prices soared to over $139 a barrel this month.
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