With the growing expectations of extension of the cuts in oil production for another six months, the oil futures begin to show appreciation already in this early week, getting more than 2% gains on Monday morning. As the OPEC schedule, the meeting will define further cuts should happen this week, on May 25.
To get an idea of the high in price, oil type Brent for July rose 0.75% on the IntercontinentalExchange (ICE) to be worth $ $54.01 a barrel, while the WTI for the same period was elevated in 0.77 percent on the New York Mercantile Exchange (Nymex), costing $ $51.06 per barrel. In June, both the Brent as the WTI had the highest levels of recovery in a month.
The possible extension of the Pact has causing market optimism and helped oil to accumulate the appreciation of 10% in the last two weeks. If you depend on Saudi Arabia and Russia, major oil producers outside the group, as well as Iraq, the agreement may remain until March 2018. Last week, the leaders of the two countries reported in full agreement with the continuity of global cuts.
We were waiting for eager by the scenes of the chapters of the global oil market, which shouldn't take long to give us news. Stay informed about the market of oil, gas, energy, gasoline, fuels, Petrobras, onshore and offshore you too. Visit the Panorama Offshore or Facebook. Remember: your business. Check out: www.panoramaoffshore.com.br www.facebook.com/panoramaoffshore.ACESSE AS REDES DA PANORAMA OFFSHORE: