The trading day is in full swing. The rate of the US dollar is declining; this has become one of the reasons for the growth of oil quotes. The price for black gold is not able to increase dramatically because of such factors as a huge volume of oil production in the USA and insufficient measures to reduce the production by OPEC countries and other major world exporters. The experts of the authoritative edition MarketWatch came to such a conclusion.
During today’s trading, futures for Brent crude oil have broken the mark of 51 US dollars per barrel. Yesterday, the trading day at the London Stock Exchange ICE Futures ended at $ 50.75 per barrel. At NYMEX (New York Mercantile Exchange), the quotes for WTI futures also grew to $ 48.02 per barrel. The growth trend continues. WTI crude oil finished yesterday’s trading day at $ 47.73 per barrel.
Tomorrow the public is waiting for the report on changes in the US oil reserves, which is released by the US Department of Energy. Oil pricing agency S & P Global Platts conducted a survey among analysts. According to the survey, the stocks (compared to the previous index) increased by 300 thousand barrels. It is also noted that the oil reserves are at the maximum mark for the last 35 years. Of course, the upcoming publication of the stocks report will affect the oil quotes and, perhaps, will force OPEC to revise some plans in order to cut the production and keep energy prices.
The material was prepared with the participation of Viktor Kotov,
a leading analyst of the brokerage company VOSPARI.