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Oil shows slight decline after rising on Monday

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Oil shows slight decline after rising on Monday
August 13
09:00 2019

Today, oil quotes are slightly decreasing after the growth on Monday.

As of 8 a.m. Moscow time, Brent crude oil contracts for October were trading at a price of $ 58.5 per barrel on the London Stock Exchange. At previous trading, the price was slightly higher, but it showed almost no movement.

At the same time, futures of the American brand WTI for September (traded on NIMEX) lost 7 cents and cost 54.85 US dollars. At the last session, contracts grew nearly half a dollar to $ 54.9.

Describing the general situation on the market, analysts note that oil lost about 15% last month and reached its lowest level in the past 7 months. This week the recession has stopped; now the quotes can be characterized as stable.

At the moment, the market has got caught in the crossfire. On the one hand, there are concerns about a decline in global demand; on the other hand, there are expectations of a decrease in supply from the OPEC + countries and the production reduction in Venezuela and Iran.

Experts interviewed by Bloomberg L.P. suggest that US oil inventories are down 2.3 million barrels. Official data from the Ministry of Energy will be made public on Wednesday evening. The recent stock increase has amounted to 2.4 million barrels, which stopped an almost two-month decline.

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

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