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Brent oil is growing slightly at today’s bidding

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Brent oil is growing slightly at today’s bidding
February 06
09:00 2019

The market is reluctant to respond to the statistics from the United States of America. Oil shows a weak growth on Asian sites after a big fall the day before. Most investors have adopted a wait- and- see approach.

Brent contracts with the supply in March have risen by $ 0.02 to the value of $ 62 per barrel of “black gold”. On Tuesday, the same contracts were being traded for $ 61.98. Futures for WTI crude oil have risen by $ 0.04 to $ 53.7. On Tuesday, they were being traded at the price of $ 53.66.

In December, Purchasing Managers’ Index (PMI) was 58 points, in January this figure decreased to 56.7 points. Analysts expected the index to decline only by 0.6 points. However, the index has shown the lowest value since July. Analysts fear that such a low value of the index signals a slowdown in the economy and a decrease in energy demand.

At the same time, according to the API data, oil reserves in the States have grown by 2.5 million barrels since last week. Official figures will be released on Wednesday. Experts expect them to be about 1 million less than informal data.

Analysts believe that the market is passive because of the expectations of the data from the Ministry of Energy. Against the background of the conflict between China and America, the fears about demand will hold back the price growth.

 

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

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