After negative wave, oil rehearses recovery

"I think the worst is over," said Pierre Andurand, chief investment officer and founder of Andurand Capital Management. "Opec+ has cut enough, and demand will recover slowly and gradually." According to Bloomberg, deep production cuts and risky first steps in several countries to ease social isolation have lifted the market out of the negative price gap, but both measures may not work. At the moment, oil prices

are rising, rising about 70 percent in New York since early May, and up to 17 million barrels of oil per day are expected to be withdrawn from the market next month, Mohammad Barkindo, secretary general of the Organization of Petroleum Exporting Countries, said in an interview with Bloomberg

TV. At the same time, the 30% drop in global oil consumption seen in April is slowing. In addition, signs of recovery emerge around the world with the reopening of businesses and the return of drivers to the roads from Berlin to Beijing. Thus, it seems that the so-called "Black April" by the Executive Director of the International Energy Agency, Fatih Birol, is already past, but the market still faces considerable risks.


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