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Oil market outlook for March 11-15

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Oil market outlook for March 11-15
March 11
09:00 2019

The upcoming week in the oil market will be associated with the concerns about the slowdown of the global economy. And insufficient growth of the economy is expected to cause a decrease in demand, which, in turn results in a price fall.

A report of the OPEC will be made public on March 14; the International Energy Agency  is going to release its report the next day, on March 15. According to these data, it will be possible to approximately imagine the ratio of supply and demand for energy in the near future.

Investors are also waiting for the new data on oil and gasoline inventories. These reports will be presented by the API (March 12) and the US Department of Energy (March 13). Traditionally, it is not worth waiting for large movements before the publication of figures by the US Department of Energy.

At the end of the week (March 15) a new report from Baker Hughes on the number of drilling rigs in the States will be published.

Last Friday, Baker Hughes data showed a reduction in the number of drilling rigs by 9 units. In total (as of the end of last week), there are 843 units in the USA.

At the end of the previous session WTI crude oil was being traded at $ 56.07 per barrel of “black gold”. Thus, over the past week, the oil has grown by half a percent.

Brent finished the week with the price of $ 65.7 per barrel. The weekly growth has totaled nearly one percent.

Last year in mid-March there was a sharp drop in oil prices. However, after the reduction in sales by major suppliers, the prices began to grow actively. Since the beginning of 2019, the price has grown by a total of 20%.

The agreement of the OPEC+ countries to reduce production by 1.2 million barrels per day was another reason for the price rise. Now the United States is trying to confront the phenomenon, increasing its own production to record levels. At the moment, the United States produces 12 million barrels of oil per day.

 

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

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