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Brent is going up a bit, WTI is still hovering

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Brent is going up a bit, WTI is still hovering
July 17
09:00 2019

On Wednesday, Brent shows the growth, while American WTI cannot yet decide whether to grow or fall. This is due to a 3% decline in quotations during past trading, when Washington made statements about Iran and the PRC.

As of 8 a.m. Moscow time Brent contracts for September (traded on the London Stock Exchange) grew by 12 cents to a value of $ 64.5. At the last session, their price stopped at $ 64.35 and lost more than $ 2 over one day.

By the same time, the August futures for WTI crude oil on NYMEX had fallen 3 cents and cost $ 67.59. On Tuesday, the value of the American brand fell by almost $ 2. Bidding closed at around 57.62 US dollars.

During the briefing at the White House, American President Donald Trump made a statement about the relationships between China and America. He said that the United States and China still had a very long way to go to reach an agreement in the trade dispute. In addition, the American leader noted that if he wanted, he could impose duties on Chinese exports of $ 325 billion a year. But for now he will not do that.

According to this statement, the trade war is still going on even if it is a low-intensity conflict. The market again concerns about the fall in oil demand.

Experts believe that the current level of supply and demand is a negative factor for prices, since the tension between China and the United States has not gone away. Moreover, due to the lack of any progress in the negotiations, investor sentiments are becoming increasingly negative.

United States secretary of state Mike Pompeo said that Iran was probably ready to begin negotiations on a program aimed at the development of ballistic missiles. Iran has confirmed that it is ready for open discussions. However, it is possible only if the USA lifts the sanctions imposed in 2017.

 

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

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