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The market takes a break before the Fed meeting, Brent rolls back to $ 60

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The market takes a break before the Fed meeting, Brent rolls back to $ 60
August 22
09:00 2019

Oil is falling after its movement in different directions at the last trading session on Thursday. Data on stocks are gradually leaving the field of view of traders. The main trendsetters are the global Central Banks, which continue to take measures to stimulate markets. These actions can trigger the economic growth and ensure the growth of demand for fuel.

As of 8 a.m. Moscow time, Brent crude oil contracts for October dropped to $ 60 per barrel on the London Stock Exchange. The fall was 20 cents compared with the previous session. On Wednesday, the price of contracts rose about 30 cents, closing the session at around $ 60.3.

By that time, the American brand WTI (or rather, its October futures) had lost 17 cents and was trading at 55.5 US dollars on NYMEX. In past trading, the fall was more serious. On Wednesday, WTI lost nearly half a dollar and closed at $ 55.7.

On Thursday, there will be the Fed’s symposium; representatives of the world central banks are going to attend it. On Friday, Jerome Powell, Chair of the Federal Reserve, will give a press conference as part of the event. We are waiting for signals about the further policy of the American Central Bank, which will certainly have a considerable effect on the state of the markets.

According to the results of the last Fed meeting, the regulator’s leaders refused to make any forecasts regarding the Central Bank’s policy. We recall that then it was decided to cut the base rate by 25 points.

According to the data released by the U.S. Department of Energy, last week oil stocks fell 2.7 million barrels. This was the first decrease in stocks in the last three weeks. S&P analysts predicted a larger reduction (as much as 3.1 million). Gasoline reserves have increased 300 thousand barrels, and distillates – 2.6 million. Experts predicted that gasoline reserves would decrease 1.6 million, and distillates – 200 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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