Jakob Ekholdt Christensen, chief analyst at Danske Bank, notes that the oil prices dropped back yesterday, with Brent falling to USD61.5/bbl after touching USD63.5/bbl briefly in the start of the day after Russia’s Energy Minister Alexander Novak indicated that Russia is committed to reaching the output target by May.
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“Elsewhere, Venezuela’s defaulted 2027 bonds fell as Spain, Germany and the UK led a host of European countries in recognising National Assembly leader Juan Guiado as the country’s Interim President on Monday. Interestingly, Italy refrained from recognising Guiado as president, pointing to the strained relationship between the new Italian government and traditional EU allies. However, oil prices session halted their decline later in the trading as traders weighed output cuts from OPEC and its partners against expectations for rising US crude inventories.”
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