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Brent rises to $ 67.2; WTI hits a seven-month high

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Brent rises to $ 67.2; WTI hits a seven-month high
July 11
09:00 2019

On Thursday, benchmark crudes feel confident. The price is still rising due to the data from the U.S. Department of Energy. The news about bad weather in the Gulf of Mexico also caused the growth.

The American brand has had a record value since May. WTI costs above $ 60 reaching the highest levels in the last 7 months. In addition, the rise of the rate has been fixed for 5 sessions in a row. This phenomenon has not been observed since February.

At 8 a.m. Moscow time, Brent futures for September delivery grew 20 cents to $ 67.2 per barrel in London. During the last session, the contracts increased $ 2.8 to $ 67. On Wednesday, the price growth was 4.5%.

 WTI contracts for August have increased 25 cents to $ 60.7. During the last bidding process, the price also jumped 4.5%. The session closed at a value of $ 60.4. On Wednesday, the growth of quotations amounted to 2.6 dollars.

It was decided to stop oil and natural gas production in the Gulf of Mexico because of the news about a wandering hurricane. According to BSEE (Bureau of Safety and Environmental Enforcement), about 30% of oil production capacities and about 20% of gas production capacities used in the region were minimized.

Oanda analysts predict that in the near future the oil market will be further supported by the tension between Iran and the United States.

The U.S. Department of Energy has reported that commercial oil stocks fell 9.5 million barrels last week. However, forecasts were much more modest. Analysts predicted a reduction of 2 million barrels. This is the fourth consecutive reduction in fuel stocks.

Experts were also wrong about measures of the stock of gasoline and distillates. Gasoline was predicted to decrease by 400 thousand. Distillates should have increased 1.5 million barrels. In fact, everything turned out differently. Gasoline has fallen 1.5 million, distillates have increased 3.7 million.

The reserves in Cushing, from where oil is traded on NYMEX, have lost more than 300 thousand barrels.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company
UFT Group

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