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Brent drops to $ 70.99

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Brent drops to $ 70.99
May 15
09:00 2019

On Wednesday, during Asian trading, benchmark crudes showed a slight decrease. Now investors are calculating signals on the stock growth in the United States.

At eight in the morning Moscow time, on the London Stock Exchange, Brent futures for July dropped by 25 cents – to the level of $ 70.99 per barrel. At previous trade they showed a good growth, rising by more than a dollar.

The WTI contracts for June on Nimex have lost 42 cents and now cost $ 61.36. On Tuesday, they showed an increase of 1.2%.

According to the published API data, American oil reserves have increased over the past week by 8.6 million barrels.

Data from the Ministry of Energy will appear on Wednesday evening. According to the forecasts of experts polled by Bloomberg, official figures will tell us about a decrease in stocks by 1.2 million barrels.

In general, data on the stocks in the United States have proved to be a stronger market driver than the concerns about supply difficulties from Arab countries.

On Sunday, there were several reports about attacks on oil tankers belonging to the United Arab Emirates, Saudi Arabia and Norway. On Monday, there was also an attack on a Saudi tanker at a gas station in Fujairah. As a result of the attack, there was a hole in the hull.

Disturbing news came on Tuesday. Saudi Aramco (Saudi Arabia) reported that two of its production rigs had been attacked by unmanned vehicles. Because of this incident, the operation of the oil pipeline serving the movement of fuel from the fields in the eastern part of the country to the port of Yanbu in the west had to be suspended.

 

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

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