07.05.2020 BRENT OIL Daily Analysis

07.05.2020 BRENT OIL Daily Analysis

BRENT OIL 29.33 , -0.39 ,-1.31% Brent Oil is trading on 29.33usd .Oil prices today seem to have gained and this is because the reports have it that the demand for oil by China has increased as compared to that of March. Imports climbed to 10.42 million barrels per day (BPD) in April from 9.68 million BPD in March, according to Reuters calculations based on customs data for the first four months of 2020..The overall exports from China also rose against expectations of a sharp drop. There are still some signs that  some oil producers might be  struggling to comply with an agreement between the members of the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers, including Russia, to cut output by a record amount, for example, Iraq which has not yet informed its  customers of impending  restrictions on its oil exports.