Oil prices rise on Wednesday against the background of strong static from China supporting investors’ optimism regarding oil demand prospects.
Purchasing Manager Index (PMI) in the processing industry of China in March rose to the maximum from December 51.9 points from February 50.6 points, the data of state statistical management (GSU) indicate. Experts surveyed by The Wall Street Journal, on average, expected an increase in the indicator to 51.2 points.
The focus of the market is on Wednesday – the meeting of the Ministerial Monitoring Committee of OPEC +, which will evaluate the situation in the market before discussing the ministers of the Cutoffs for oil production in May. The meeting of ministers will be held on Thursday.
The cost of May Futures on London Stock Exchange Ice Futures is currently $ 64.46 per barrel, which is $ 0.32 (0.5%) above the price of closing the previous session. According to the results of the auction on Tuesday, these contracts fell by $ 0.84 (1.3%) – up to $ 64.14 per barrel.
The price of WTI oil futures for May at the electronic bidding of the New York Commodity Exchange (NYMEX) by this time is $ 60.8 per barrel, which is $ 0.25 (0.41%) above the level of closing the previous session. On Tuesday, the cost of these contracts decreased by $ 1.01 (1.6%) – up to $ 60.55 per barrel.