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Oil prices: collapse after a long period of growth

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Oil prices: collapse after a long period of growth
September 18
14:30 2017

Today’s trading session has not pleased the traders. The fact is that oil has fallen significantly in price. The fall finished the long growth, during which it was possible to record a maximum for the past five months.

By 2:30 Moscow time, futures for Brent crude oil were being traded on the London stock exchange at $ 55.34 per barrel. Thus, the decrease amounted to half a percent or $ 0.28.
Futures for oil of another popular brand WTI, which are traded on the New York Mercantile Exchange NYMEX, cost $ 49.64 per barrel. The price fell by 0.52% or $ 0.26.

Last week, analysts noted three factors that had influenced the world oil prices. The first factor was the restart of the refinery in Texas, which had been affected by the hurricane Harvey. The second one was the market expectations of the prolongation of the agreements on the production reduction by the countries of the OPEC cartel. The statements of the US Department of Energy about the forecast discrepancies regarding the volume of fuel produced in the United States could be called the third factor. These three factors caused the price growth of Brent and WTI crude oil by 5% for the week.

Also on Friday, September 15, Baker Hughes (the world’s third-largest oil and gas service company) published the data on the number of the operating rigs in the United States. The report says that currently there are 749 operating rigs, which is 7 units less than last week.

We will observe how the situation develops in the oil and oil products market. Most likely, the decline in prices will continue with a slight follow-up correction.

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

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