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A small decline of Brent oil to $ 65.3

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A small decline of Brent oil to $ 65.3
March 06
09:00 2019

On Tuesday, energy could not decide where to move, but on Wednesday, after the API data about a significant increase in reserves, the market began to decrease.

Now the investors are waiting for more detailed information on the development of the dialogue between the States and the PRC. The agreement can be reached by the end of the month.

Brent contracts for May have fallen by 0.7% to $ 65.3 per barrel of “black gold”. We recall that on Tuesday the price was 65.8 US dollars. The April contracts for WTI crude oil have fallen by 8% to $ 56.1. On Tuesday, the price was $ 56.5 per barrel.

According to the data provided by the API, oil inventories have grown by 7.3 million barrels but the analysts predicted an increase of 388 thousand. Gasoline stocks have fallen by 391,000, while distillates- by more than 3 million.

Now the market is waiting for the information from the Ministry of Energy. It will be made public on late Wednesday. Experts predict oil reserves will increase by 1.9 million barrels. The reduction in gasoline reserves is projected at 2 million. According to analysts, distillate reserves will be reduced by 1.4 million.

The negative effect was also brought by the statement of the largest manufacturers in the States – Exxon Mobil and Chevron. They have reported that they are going to increase production. Their forecasts for the production of energy in the Permian basin in the next few years suggest that the production will be about 3 times more than in 2018.

 

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

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