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Economist Mishchenko predicted oil prices in the range of $83-87 per barrel

Photo by Europeana on Unsplash

As the expert reminded, at the beginning of April the OPEC+ countries agreed on a voluntary reduction of oil production.

Russia will cut production by 500 thousand barrels per day, while the entire alliance will cut production by 1.66 million barrels per day.

“Nevertheless, it has already had an impact on the market now,” the economist said.

According to him, the market has also been affected by the revival of the Chinese economy.

“Demand in the Chinese direction is growing. China is launching more and more oil from different sources. This has a positive effect on the price dynamics. But volatility persists. In the short term it will be ups and downs. Just the other day the price went down. Somewhere we will be looking at a corridor from $83 to $87 a barrel,” Mishchenko added.

Earlier the price of Brent oil futures with delivery in June on London stock exchange ICE dipped to $82 per barrel for the first time since March 31.

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