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Brent climbed to $ 70.2

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Brent climbed to $ 70.2
May 28
09:00 2019

Brent oil is slight increasing after a 3.5% jump over the last 2 sessions. WTI is also growing at a good pace.

At the moment, the market is assessing the situation around the US-China trade dispute. The Middle East, where the second most powerful source of the world tension is located, didn’t go anywhere either.

On the London Stock Exchange, July futures for Brent crude at 8 am Moscow time grew by 10 cents to $ 70.2 per barrel. On Monday, contracts grew more seriously, increasing by 1.4 and closing at a price of $ 70.1.

By the same time, WTI contracts for July (traded on NYMEX) grew by 60 cents – to the mark of 59.24 US dollars. On Monday, there was no trade in New York, but in the course of the session on Friday, WTI oil futures rose by $ 0.7 and closed at $ 58.6.

The growth calmed down a bit after President Trump’s statement that the US was not yet ready to conclude an agreement with the PRC. This means that the dispute between the powers will continue for some time, which may adversely affect the global demand.

On Monday, the American president said that the States was not waiting for a change of power in Iran. This has reduced concerns about a reduction in deliveries from Iran.

Despite this, the Middle East situation still worries the market. Saudi Arabia blames Iran for supporting the rebels, who carried out 35 terrorist attacks in the Bab-el-Mandeb Strait.

 

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

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