Trump Y Putin They get down to work. The two top representatives of the US and Russia have agreed to meet to stabilize energy prices. And oil celebrates it. Crude oil prices bounce 5% on average from its November 2002 lows set this Monday.
He Brent, a benchmark in Europe, is trading above $ 23 a barrel and the West texas, reference in the US, is above 22 dollars per barrel
The divorce between Russia and Saudi Arabia at the latest OPEC summit and its allies has caught oil offside. This was added to the impact of the coronavirus that has been putting markets in check since the beginning of the year. “Oil celebrates hopes of some relief from oversupply”Oanda experts acknowledge.
From UBS, world oil demand is estimated to fall by 1.2 million barrels per day, that is, 1.2% of the total by 2020.
The virus has been especially primed with China, the world’s largest oil importer. Other houses of analysis go further. It is the case of Trafigura that predicts a drop in demand for crude oil of up to 30% in the coming weeks.