“From the point of view of the balance of supply and demand in the market, the price, on the contrary, should go down.
The countries have not yet abandoned quarantine measures, someone, on the contrary, is tightening them, against this background, they also agreed to increase OPEC + production from January 1.
But the price is growing, and this demonstrates that futures are traded, first of all, and not real oil, and traders act in exactly the same way, ”the expert said.
Yushkov noted that they are counting on the coronavirus vaccines to work and mass vaccination will go pretty quickly.
“This means that quarantine measures in all countries will be canceled, and therefore people will move more, consume more fuel and, accordingly, there will be a shortage of oil, and prices will rise.
Therefore, they buy oil futures in advance, because they expect to sell them at a higher price later, when demand recovers, and the price is growing because of the fact that they are doing it en masse.
In fact, we see such trading with an eye to the future, ”the analyst concluded.
Earlier it was reported that the price of Brent crude oil futures in the course of trading rose above $ 52 per barrel for the first time since March 5.
In December, Russian Deputy Prime Minister Alexander Novak said that, within the framework of the agreement adopted during the ministerial meeting, the OPEC + countries from January 2021 can increase oil production by 500 thousand barrels per day per month.