Oil market is facing risks of bearish trends. OPEC promised to help to stabilize energy markets in shadow of those risks.
Nigerian Minister for Petroleum Resources, Timipre Sylva puts on pressure as he calls for OPEC’s action in Bloomberg interview. Oil prices increased as investors wait for OPEC’s next steps. Oil – Brent Crude now revolves around $58,8 per barrel. Increase in oil price happened on Monday in spite of record high production of oil in the USA. New information from the US Energy Information Administration show that weekly field production of oil in the US is holding near all-time highs.
World economy is losing pace as global risks increase. Especially risks related to no deal Brexit scenario and with 2 biggest oil consumers US and China at trade war that sees no end. Weakening global economy could hurt oil market and push OPEC into lowering cap on oil production to fight possible prize decline caused by cooling oil demand.
