Photo: Reuters (archive photo) the price of “black gold” finish to the week
The Chinese government refused to set a goal percentage on the economic growth of the country in 2020.
World oil prices reference marks are significantly decreased on the last working day of the week. This according to the auction the morning of Friday, may 22. The cause of the fall was China’s decision to abandon the goal for economic growth for the year 2020.
So, the July Brent crude on London’s ICE Futures exchange fell $2,15 (5,965%) to $of 33.91 per barrel.
The cost of the futures on WTI for July in the electronic session on the new York Mercantile exchange (NYMEX) decreased by $2,46 (7,25%) to $31,46 per barrel.
The spread between the current contracts for Brent and WTI is $2,45 in favor of Brent.
Friday began the session of vsekitajsky meeting of national representatives (vsnp). It became known about the refusal of the government to set a target in percentage in terms of economic growth for the year 2020.
Investors are concerned that the weakening of the Chinese economy as a result of the coronavirus a pandemic will continue to affect the oil market. As a result, the demand for raw materials and fuel from the second largest oil consumer in the world can be greatly reduced.
Yesterday it was reported that oil was trading at maximum from the beginning of spring. The price of Brent holds above $ 36 per barrel on the data about reduction of stocks and production in the United States.
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