Oil Prices Slide Further on Plans to Increase Supply

Petroleum prices resumed their downward slide after the OPEC plus the poster of oil producers said during the weekend that it would be more oil to pump more oil, despite the Conns that the war war war of President Trump demands.

The price of the US reference oil. UU. It fell to around $ 56 per barrel, from $ 58 on Friday. For many companies, the constant decrease means that it will not be profitable to drill wells in the United States despite Trump calls to greater production.

The prices were lasted around this level in early April, just before Trump said he would stop reciprocal tariffs in most countries for 90 days. That announcement led to manifestations both in the stock market and in the oil market, although Daned have done it since then.

This is partly due to the fact that OPEC Plus is increasing production at the same time that economists warn that the highest rates for most US commercial partners will slow down global economic growth will cause a recession in the United States.

The eight countries that make up the OPEC Plus Cartel said on Saturday that production would increase in June more.

The lower basic products prices are causing some companies to retire. There are about 9 percent of Feer platforms drilling wells in the Permian Basin, the Upper Petroleum Field of the United States, which this time last year, when oil quoted about $ 80 per barrel, according to Baker Hughes.

On Friday, Exxon Mobil and Chevron, the two largest oil and gas companies in the United States, reported their lowest profits of the first quarter in years. These financial results reflect the market before Trump further intensifies tariffs on China in early April.

“It is clear that this uncertainty is weighing economic forecasts, causing significant volatility and increasing the prospects for slower growth,” Darren Woods, Executive Director of Exxon, told analysts.