Crude oil price rises to the level for the first time in about 3 months Continued production cuts in major oil-producing countries 19:20 on June 8
International crude oil prices, which influence domestic gasoline price movements, have risen to the level for the first time in about three months following the decision that major oil-producing countries will continue to sharply reduce production next month. ..
The WTI futures price on the New York market temporarily rose to the low $40s/barrel in the New Week deal. This is the $40 level for the first time in about three months since March 6th.
In the international crude oil market, the view that global economic activity has stagnated and demand will fall due to the spread of the new coronavirus in April, and the WTI futures price will drop to a virtually unburied negative for the first time. It became a situation of. However, the price of crude oil continued to rise with the spread of economic activity in countries such as the United States.
On the background of the higher price this time, OPEC = Organization of Petroleum Exporting Countries and Russia have decided on 6th of this month that they will maintain a coordinated production cut of about 10% of world crude oil production until the end of next month.
In Japan, the nationwide average retail price of regular gasoline has risen for the third straight week until last week, so whether or not the underlying crude oil price rise will continue will be the focus.