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Correction of oil prices after yesterday’s leap

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Correction of oil prices after yesterday’s leap
August 23
09:00 2018

Yesterday, the market saw a sharp rise in black gold quotations. This happened because of the decline in liquid fuel stocks in the United States that exceeded the market expectations. Today, the market is experiencing a small turn.

So, at the moment the price of the contract for Brent crude (traded on the London Stock Exchange ICE Futures) with the deadline in October has fallen by 0.21USD (0.28%) to the value of 74.57 USD per barrel. We recall that during yesterday’s trading session the contract price rose by 2.15 US dollars (2.96%) to the value of 74.78 US dollars per barrel.

Also, WTI crude oil with futures for October has shown correction after yesterday’s growth. At the moment, black gold has risen to the value of 67.85 US dollars (a decrease of 0.01 USD or 0.01%). Yesterday, contracts increased by $ 2.02 or 3.07%.

Both crude oils are being traded at the highest price from the beginning of this month.

The US Energy Department information released yesterday pushed this jump. The fact is that national oil reserves have fallen by 5.84 million barrels over the past week. That’s almost twice than the expectations of the experts, who projected the reduction not more than 3 million barrels.

Reserves of gasoline in the US have increased by 1.2 million barrels, diesel fuel – by 1.849 million barrels. Reserves of oil at the terminal in Cushing (where the oil traded on NYMEX is stored) have increased by 772 thousand barrels.


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

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