Petroleum market fears collapse in demand
On Thursday, March 26, oil prices again returned to a downward movement: for example, the price of Brent fell by 2.6% to $ 29.04 per barrel, and the price of WTI fell even by 3.8% to $ 24.09 per barrel.
The head of the International Energy Agency, Fatih Birol, said in an interview that global demand for oil is in free fall, and also announced the IEA’s forecast that oil demand will fall by 20% in 2020, which caused the oil bulls to retreat. In Russia, in turn, at least at the Ministry of Energy, they again remembered OPEC + and specified that within the framework of the charter signed last year, OPEC + would actually be effective after April 1. The refusal of the US Congress to allocate funds from the budget for oil purchases to the strategic reserve only added to the market negative. Meanwhile, at a G20 summit held yesterday in a video conference format, the situation in the oil market, as reported by Western media, was not discussed. Today, Brent continues to fall and already loses 2.4% of the cost, and WTI - 1.3%, dropping already below $ 23 per barrel, today we forecast the Brent corridor at $ 28-29 per barrel.