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Oil is stable after the rise in prices the day before

Oil prices are stable today after rising in the previous session. Hopes for a rebound in oil demand amid renewed economic activity around the world offset concerns about the rising incidence of COVID-19 in India and the increase in OPEC + production, writes Trading Economics. The cost of July futures for Brent oil on the London ICE Futures exchange by 8:45 Moscow time was $ 67.56, as well as at the close of yesterday’s trading, when these contracts rose in price by $ 0.8 (1.2%). The price of WTI crude oil futures for June in electronic trading on the New York Mercantile Exchange (NYMEX) by this time was $ 64.51 per barrel, which is $ 0.02 (0.03%) higher than the level at the close of the previous session. On Monday, the value of these contracts increased by $ 0.91 (1.4%) to $ 64.49 per barrel. Earlier in the course of trading, both Brent and WTI lost moderately in price. The European Commission put forward yesterday a proposal for EU member states to relax existing restrictions on entry into the EU for non-binding reasons. The European Commission explains that such a proposal, which can be adopted as early as May 5, is justified by the expansion of vaccination campaigns and the development of the epidemiological situation around the world. Market analysts expect this to boost tourist travel to coastal regions of Europe, boosting oil demand. Meanwhile, the situation with the spread of the coronavirus in India has deteriorated significantly in recent weeks. In terms of the number of cases of coronavirus, India ranks second in the world after the United States. In recent days, many countries have limited transport links with India in order, in particular, to reduce the risk of “Indian” strains of coronavirus infection entering their territory. “This not only threatens a recovery in demand in the country, which is the third largest consumer of oil in the world, but also makes market participants aware of the risks associated with demand,” – said Commerzbank analyst Eugene Weinberg. Source: FINMARKET.RU

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