Oil reaches its highest price since September
As of September 17 of this year, the value of crude oil did not exceed $ 67.20 per barrel
The price of a barrel of Brent quality oil, a benchmark for the Old Continent, reached $ 67.52 on Thursday, compared to $ 67.20 at the close of yesterday, representing its highest level since last September 17 in the expectation that the end of the trade war between the United States and China will boost economic activity and demand for crude in 2020.
For its part, the cost of a barrel of Texas oil, a benchmark in the US, rose to $ 61.54 per unit, compared to 61.11 at the close of the previous day, marking its highest price since on September 17.
Thus, the barrel of Brent oil has revalued by 25.5% so far in 2019, while the reference oil for the US It is currently 35.5% more expensive than at the end of 2018.
At the beginning of December, the Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, together with non-cartel producers, led by Russia, agreed to move forward with oil supply cuts, in an attempt to sustain prices and prevent an excess supply from being regenerated in 2020.
The group, called OPEC +, which integrates more than 20 producers, agreed to expand supply restrictions by 500,000 barrels per day (bpd) more for the first quarter of 2020, bringing the joint reduction to 1.7 million dollars. barrels, or 1.7% of global demand.
K. Tovar
Source: Panorama
