US Crude Oil Reached Critical Levels
Oil prices soared after the OPEC+ meeting decided to keep production stable.
US crude oil has reached critical levels. Oil prices tested the level of $ 65 a barrel, with the decision to keep production stable from the OPEC+ meeting.
With the unexpected decision, many major banks revised their crude oil price estimates upwards, while Saudi Arabia stated that it will continue to cut its voluntary 1 million barrels production.
West Texas Oil gained 4 percent in transactions on Thursday, making its best closing after April, while Asian transactions also increased by 1 percent.
Interviewing after the meeting, Selman pointed out that being cautious is very important for the oil markets and said, “You cannot put pressure on people to be cautious and be cautious, so you cannot show that one should be cautious. For this reason, as Saudi Arabia, 1 million barrels per day voluntarily for April. We decided to apply additional deductions.”
Stating that they continue to carefully monitor the basic trends in the global economy, Russian Deputy Prime Minister Aleksandr Novak said:
“With cautious optimism, we can say that the situation is slowly starting to improve. We hope that the signs of recovery we are seeing today will form the basis for the recovery of the global economy and ultimately oil demand. We are laying the foundation for future growth now, and the year 2021 will become very important on that path.”
West Texas Oil for April futures is trading at around $ 64.66 at 11:21 pm, after reaching a level of $ 65 during the day in the Nymex market.
Brent oil for May futures increased 1 percent after gaining 4.2 percent on Thursday, reaching a level of $ 67.49 per barrel.