On Friday, oil continued to grow during the Asian session. The market is confident that there will be no overproduction, so the mood is more than optimistic. Brent crude oil has overcome its November maximum, but WTI crude oil has shown not a great growth, repeating only its maximum in a week and a half. The difference in the prices of crude oils is currently more than 10 US dollars.
Now the market is considering possible options for the development of relations between China and the United States. At the moment, the negotiations are not going all that well, but the Americans are yet to meet with Xi Jinping in Beijing.
Brent contracts for April have risen by 40 cents to the value of $ 65. On Thursday, they were being traded for $ 64.6. WTI futures for March have grown by 30 cents – to the mark of 54.7 dollars per barrel. On Thursday, their price was equal to 54.4 US dollars.
Analysts say that earlier the market was ruled by fear and uncertainty. Now, when the situation with the conflict between America and China began to develop, investors have relaxed a bit.
For this week, the growth of quotations for Brent crude oil has amounted to almost 5%, WTI has shown a weekly increase of 3%.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade