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Lukoil Considers Oil at 6065 Per Barrel Comfortable

Oil rates grew on Tuesday during Asian session on the back of trade deal hopes despite concrete details regarding phase one, but prices began to drop at the start of European trading hours.

Meantime, according to vice president of Russian oil company Lukoil the price of $60-65 per barrel would be comfortable enough for OPEC+ participants, who agreed to deepen crude supply in order to support prices for this commodity.

Recall, the OPEC and its allies agreed recently to cut additional amount of crude output for the first quarter of the next year in an effort to avert oil market glut and buoy prices.

Photo: Reuters

Lukoil’s representative also added, that oil price shocks would only have place if producers violate their commitments.

 U.S. WTI futures with delivery in February slipped by 0.15 percent, to $60,05 per barrel, while International benchmark Brent eased by 0.18 percent, to $65,22 per barrel at 9.59 GMT.