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Oil grows because of the data demonstrating US stock reduction

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Oil grows because of the data demonstrating US stock reduction
December 12
09:00 2018

Oil price was rising during the trading session on Wednesday. The reason for the growth was the data on the fuel reserves in the United States.

February contracts of Brent have grown by 1% – to the value of 60.8 US dollars per barrel. At the last session, their price grew by 0.4% totaling $ 60.2.

January contracts for WTI crude oil have grown by 1.2% to $ 52.2. At the last session, they grew by 1.3% and closed the day at $ 51.7.

According to the API report, the reserves of “black gold” have decreased by 10.2 million barrels. If the Ministry of Energy confirms this information, the decline will be not only the second in a row, but also the largest over the past few months.

Analysts believe that the decline will be more moderate and talk about a figure of 3.5 million barrels.

Another reason for the market growth was the news of China’s willingness to reduce tariffs on imported American cars to 15%. Such a step will be the first specific action in working out a solution to the conflict between the powers.

Daniel Hines, strategist at ANZ Banking Group, believes that the oil price will rise due to the observed changes in the negotiations between America and China.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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