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It falls and rises again. Brent crude recovered to a value of $ 72.5

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It falls and rises again. Brent crude recovered to a value of $ 72.5
August 02
09:00 2018

The news of a sharp increase in the volume of oil reserves in the USA (by 3.8 million barrels per week) caused a fairly serious drop in oil quotations on the eve. News about the oil production increase in Russia and Saudi Arabia also influenced the price.

At the moment, the price of September futures for Brent crude oil (traded on the London Stock Exchange ICE Futures) has increased to $ 72.56 per barrel. Thus, the growth is equal to 0.17 US dollars or 0.23%.

Benchmark crude WTI, traded on electronic bidding on the New York Mercantile Exchange NYMEX, also showed the growth. The price of September contracts has increased by 0.08 US dollars or 0.11% to the level of 67.74 US dollars per barrel.

We recall what was going on yesterday. Quotations of futures for Brent crude oil fell by 2.45% to $ 72.39 per barrel. WTI crude oil fell in price less dramatically: by 1.6%, to $ 67.66 per barrel. Last time similar prices for black gold were observed about one and a half months ago.

It’s not a surprise for analysts of the oil market as it is not the first week when the market has experienced increased volatility.

There won’t be a serious shock for the market in August, but September promises to be a difficult one due to scheduled maintenance at oil refineries. This will cause the accumulation of oil reserves in the US, since there won’t be a place for black gold refining.

There is an opinion that Trump’s initiative to introduce high duties on Chinese goods will indirectly affect the oil market too (the demand for energy resources will decrease). Well, wait and see.

 

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

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