Brent. May, 11 – Oil continues to decline at the beginning of the new week
At the beginning of the trading week, oil continues to decline to $30 per barrel. However, buyers are able to maintain their positions even against the backdrop of doubts about the success of the new OPEC energy pact, as well as amid the pessimistic comments by Fed representatives about the pace of economic recovery after the pandemic.
Brent remains under pressure from rising stocks and still depressed oil demand. According to data from the IEA published last week, US stocks rose 4.6 million barrels (to 532.2 million barrels). Moreover, inventory growth has been observed for the third week in a row.
Thus, the collapse of demand, coupled with the lack of available storage space for hydrocarbons, will inevitably lead to a further decrease in oil quotes.
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