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Brent grows to $ 63.3

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Brent grows to $ 63.3
July 22
09:00 2019

On Monday, oil prices are growing because investors still worry about the situation in the Middle East.

On Friday, the tanker Stena Impero, flying the British flag, was detained by an Iranian group in the Strait of Hormuz. Violations of the navigation rules were the reason for the detention of the vessel.

So, while British tankers do not follow the rules, Brent contracts for September on the stock exchange in London have risen to 63.3 US dollars. The information on the crude oil price is relevant for 8 a.m. Moscow time. This is 1.4% more than the quotes of previous trades. On Friday, the crude oil slightly increased nearly a half – dollar and closed at around $ 62.5.

At the same time, the futures of the American WTI crude oil went up slightly more 40 cents to 56 US dollars. At the past bid, their price was rising reluctantly too, reaching only $ 55.6 per barrel.

Last week was not very good for oil. Brent lost 6.5%, WTI decreased by 7.5% because the market was waiting for upcoming weakened demand for fuel. The market participants thought of this phenomenon as part of the global economic downturn.

Last week, investors were seriously puzzled by the possible drop in demand. However, now experts agree that the market will focus on geopolitical tensions and possible difficulties with the supply of “black gold.” We assume that that is what will support quotes for a certain period of time.

Bloomberg reported that the largest oilfield in Libya, el-Sharara, had been seized by an unknown group. The production level fell as a result of the attack, declining to 1 million b / d.

Now the situation is under control; the production is gradually recovering. However, it is not yet possible to ship the previous oil volume. At the moment, the difference is 290 thousand b / d.

 

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

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