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Brent grows to $ 65.3 per barrel

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Brent grows to $ 65.3 per barrel
March 04
09:00 2019

During the bidding process on Monday, oil shows the growth due to the signals of a possible slowdown in production in America.

In the morning, futures for Brent crude oil with a delivery in May have grown by 25 cents to $ 65.32 per barrel. On Friday, they were being traded at the price of $ 65.07. The April WTI contracts have also risen by 25 cents, to $ 56.05. At the end of last week, they cost $ 55.8.

According to Baker Hughes, the number of drilling rigs has become a minimum for 9 months. At the moment there are 843 units, which means minus 10 units compared to the previous week.

OPEC+ countries are still going to reduce oil production. America and China continue to conduct negotiations on a trade agreement. Positive developments in the agreement of the two powers have a great effect on the market. Now investors expect that the balance in the market will recover.

Experts note that the decline in production by the OPEC members is seriously moving prices up. In addition, if the United States and China can form agreements on major issues, this will have a positive effect on the demand. All of these factors together give the oil market some good prospects.

 

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

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