Passing the US economic stimulus package, etc., prevents further decline
[지앤이타임즈]International oil prices, which rebounded due to the possibility of an economic recovery, are falling again due to the coronavirus as the Corona 19 vaccine has been inoculated in major countries such as the United States and the United Kingdom.
The $50 per barrel, which had been maintained since mid-month, also collapsed.
On the 22nd, the spot price of Dubai oil ended at $49.75 per barrel.
It formed $50.47 on the 11th, and it has been 7 trading days since it recovered to the $50 level.
During this period, the price of Dubai oil remained in the $50 range and rose to $51.46 on the 17th, showing a stable pattern.
However, due to the spread of the Corona 19 variant, major countries are blocking aircraft to the UK, and expectations for economic recovery decline.
As it is known that the Corona 19 strain discovered in the UK has about 70% higher infectivity than the existing virus, concerns about a decrease in oil demand are raised.
In this regard, EU countries have taken measures such as closing their borders with the UK.
However, the impact of the US government’s economic stimulus package passing through Congress is in the way of preventing further declines in oil prices.
The US Congress passed an economic stimulus package worth $892 billion, and it is reported that it will pay its citizens up to $600 in cash and additional unemployment benefits per person.
Meanwhile, the Korea National Oil Corporation analyzed that despite the recent decline in crude oil prices, there has not been any restructuring of OPEC+’s planned production cuts.
Russia’s Vice Prime Minister Alexander Novak said that OPEC+ plans to increase production of 500,000 b/d from January next year, and that there will be no oversupply.
Meanwhile, the WTI futures price also rose to $49.1 per barrel as of the 18th, then turned downward and dropped to $47.02 on the 22nd.
During the same period, Brent Oil also fell from $52.26 to $50.08.
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