For this morning the situation regarding benchmark crude oil looks as follows:
Brent Crude futures for May (traded on the London stock exchange ICE Futures) fell in price by 0.15% (or 0.1 USD in absolute terms) to the level of 64.54 USD per barrel. By the way, yesterday futures with the same delivery period dropped to $ 64.64 per barrel (so the intraday decrease was 0.31 US dollars or 0.48%).
At the moment WTI Futures for April (traded on the New York Mercantile Exchange NYMEX) have grown by 0.03% to the level of 60.73 USD per barrel. During yesterday’s trading session, the fall was 1.06% or $ 0.65. At the end of yesterday’s trading day, oil stopped at around $ 60.71 per barrel.
Despite yesterday’s decline, experts predict the rise in oil prices. In their opinion, this will become a logical reaction of the oil market to Rex Tillerson’s resignation. Another influential official- CIA director Mike Pompeo- will become the head of the US State Department. Gina Haspel is going to be the first woman who heads the CIA. Until yesterday, she occupied the post of deputy director of the CIA.
Analysts believe that with a high probability all these personnel changes will result in breaking the deal with Iran. We recall that the essence of the deal is that Iran will be allowed to export oil, and in exchange, the Middle East state will abandon the national nuclear program.
The cut of the deal can lead to fuel supply tightening and, as a result, we’ll get higher prices for black gold.
Yesterday, the American Petroleum Institute (API) published data on changes in energy reserves over the past week; they increased by 1.16 million barrels.
Official data from the US Ministry of Energy will be known today, experts expect that they will exceed by half the forecast made by the American Petroleum Institute.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade