An update on the black gold market this Tuesday:
Thus and in more detail, the barrel of Brent North Sea oil for delivery in June posted a price of 62.5 dollars this morning at the opening, a drop of nearly 4.18% or 2.71 dollars compared to the previous close.
On the other side of the Atlantic, the situation is also tense with a barrel of WTI crude oil that lost 4.56% on the New York market, a loss of 2.89 dollars with a quotation at 58.65 dollars this morning.
Some analysts have pointed out that Monday's losses on the commodity more or less match the gains made last Thursday.
The main causes of this fall in the price of black gold :
Of course, this consolidation of the price of crude oil is taking shape even as the members of the Opec+ have agreed regarding a gradual increase in their production in the course of the coming months. Indeed, this decision ultimately went against some expectations that the group would opt for a near-term status quo. This suggests that OPEC+ members are quite confident of a continued recovery in demand in the months ahead.
Indeed, at their last meeting, the Organization of the Petroleum Exporting Countries and its ten OPEC+ allies opted to increase their production volumes by about 350,000 barrels per day for May and June. This will be followed by an increase of 441,000 barrels per day in July.
A deal to watch between the US and Iran:
This week, investors and analysts will have to focus on another piece of news, this time concerning the attempts at rapprochement between the United States and Iran, which is likely to further increase the supply of black gold on the market.
Indeed, we know that the two countries have agreed to start the first indirect negotiations through the Europeans, in Vienna this week. The goal is to try to save the international agreement on the Iranian nuclear power which had been totally rejected by Donald Trump in 2018 with a restoration of the sanctions against Tehran. Iran had then decided to break free from restrictions on its nuclear program.