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Oil fell a little after the strong growth on Wednesday

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Oil fell a little after the strong growth on Wednesday
February 28
09:00 2019

The oil market showed a slight decrease after it was reported that business activity in the PRC had decreased to the level of a three-year low. Prior to that, oil showed a positive growth due to lower stocks in America and the statements by Saudi Arabia about the desire to continue reducing production under OPEC+ agreements.

The April futures for Brent crude oil have dropped by 21 cents to $ 66.18. Yesterday, the price was $ 66.39.

March futures for WTI crude oil have remained at the same level. On Wednesday, they cost $ 56.94, today they are being traded at $ 56.9 per barrel.

China Business Activity Index in February dropped to 49.2 p. This is the lowest value since March 2016. We recall that in January this figure was equal to 49.5 p.

On Wednesday, the US Department of Energy presented the data on national oil reserves. They have fallen by 8.6 million barrels. This is a big surprise for the market, as experts expected an increase in reserves by 3.5 million.

Gasoline reserves have fallen by 1.9 million instead of the forecasted 1.25 million. Distillate volumes have decreased by 304 thousand instead of 2 million as experts expected.

On the eve, the representatives of Saudi Arabia said that the OPEC+ agreement to reduce production might be extended until the end of the year. The Saudi Ministry of Energy announced that it intended to continue restraining production during the second half of the year.

 

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

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