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The oil price is rising after a long fall

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The oil price is rising after a long fall
August 15
09:00 2017

Today, on Tuesday, there is a slight increase in oil quotations. Thus, the price has revenge after a serious fall the day before.
To date, futures for Brent crude oil (October) have grown by 0.16% to $ 50.81 per barrel at the London Stock Exchange ICE Futures. The day before, the fall was 2.63%, the bidding ended at $ 50.73 per barrel.

As for futures for WTI crude oil (traded at the New York Mercantile Exchange NYMEX), today they have recovered a little. The gain is 0.06% or 47.62 USD per barrel. Yesterday, the cost of September futures for WTI fell by 2.52% to $ 47.59 per barrel.

The authoritative financial portal MarketWatch reports that prices have fallen so sharply because of the increasing production in the countries of the OPEC cartel. In addition, the growing production of shale oil in the United States of America still negatively affects the market. The fact is that the data from the Energy Information Administration (EIA) of the US Department of Energy have become available. This information gives a clear forecast – September will be a record for oil production from the national shale deposits. In August, oil production is 6.03 million barrels per day. In September, this indicator is expected to increase to 6.149 million barrels per day.

Oil has recovered today thanks to the news about the reduction of oil shipment in Libya. This happened because of the workers’ strike at the port Zueitina.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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