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Oil prices fall because of prospect of failure of OPEC+ deal

10.04.2020,11:42


April 10, Fineko/abc.az. Oil has fallen in price on Thursday amid doubts that the collective production cut by 10 million bpd announced by 23 OPEC+ countries will be enough to stabilize the market, if it does not break down at the last moment due to disagreements.

A video conference of the OPEC+ states brought preliminary agreements that should lead to a collective reduction in production for May-June by 10 million bpd. However, Mexico is not yet ready to make big cuts in production.

Following the trading on 9 April at the ICE Futures Exchange, June’s Brent crude futures fell in price by $1.35 (4.14%) to $ 31.48 per barrel.

At the end of trading on 9 April at the NYMEX Exchange, May’s WTI oil futures rose by $2.33 (9.29%) up to $22.76 per barrel.

The entire week oil has been rising in price in anticipation of negotiations. No trading is conducted on Friday morning.