JAI SANI MAHARAJ

JAI SANI MAHARAJ
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Monday, July 12, 2021

 Oil prices came under pressure due to the fact that investors fear a slowdown in the global economic recovery and the ongoing conflict between the parties to the OPEC+ agreement. Over the weekend, representatives of the G20 countries said that the spread of new strains of coronavirus and poor access to vaccines threaten the growth of the global economy, which means that the need for oil may decrease. Saudi Arabia and the United Arab Emirates have not yet resolved the problem of redistributing production quotas, which increases the risk of a complete rejection of the OPEC+ agreement. Also, the price was pressured by an increase in the number of operating oil rigs in the United States. It has been growing for the second week in a row, reaching 378 units.