Sat. Apr 20th, 2019

OPEC crude appreciates 1.9% and sells for 70.33 dollars per barrel

OPEC crude appreciates 1.9% and sells for 70.33 dollars per barrel

The price of OPEC crude closed last week, standing at an average of 70.44 dollars per barrel on Friday, just 0.03 dollars more than the previous day, informed the Vienna-based oil group.

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After surpassing the psychological barrier of 70 dollars for the first time since November 8, 2018, the price of the reference barrel of the Organization of Petroleum Exporting Countries (OPEC) remained stable, with an unusually low volatility in all week.

In the five sessions ranged between 70.31 and 70.44 dollars, with an average value of 70.37 dollars, 2.27% more than the average of the previous week (68.81 dollars).

According to analysts, the rise in "black gold" so far this year - which in the case of the OPEC barrel is 35% - has been driven mainly by the efforts of the organization and its allies to limit their production, led for Saudi Arabia.

The dramatic involuntary decline of pumping in Venezuela as a result of its serious socioeconomic crisis and the fall of Iran's oil exports due to the sanctions imposed on Tehran by the United States have deepened the cut in the supply of oil agreed in December.

To this, new concerns have been added in other OPEC countries that stir up fears of possible supply problems, such as the escalation of violence in Libya or the government crisis in Algeria.


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