DOil prices fell somewhat on Monday. Traders point to demand concerns from the unrest in the United States and the conflict between the United States and Beijing. In the morning, a barrel (159 liters) of the North Sea Brent cost $ 37.51. That was 33 cents less than on Friday. The price of a West Texas Intermediate (WTI) barrel fell 39 cents to $ 35.10.
After the death of African American George Floyd during a police operation in Minneapolis, the United States does not come to rest. For the sixth consecutive night there were protests in several American cities, some of which turned into violence. Development could put an additional burden on the US economy and dampen crude oil demand.
The conflict between America and China also appears to be intensifying. Chinese government officials have ordered large state-owned agricultural companies to stop buying some American agricultural goods, according to insiders. The review is China’s response to rising tensions with the United States over Hong Kong, Bloomberg news agency said, citing people familiar with the matter.
According to a delegate, the Opec + oil cartel plans to discuss extending production cuts. The news could tend to support oil prices. This should last for one to three months. In April it was agreed that the production cuts would be reversed from July. This date could be shifted further into the future at the June 4 meeting, the Bloomberg news agency reports. But Russia could oppose this plan, according to Bloomberg, pushing the country to cut back on cuts in July, as originally agreed.