Stock market quotes, forex, financial news, forex tools – money-investing.com

Brent loses its value due to worries about economic slowdown

 Breaking News
  • Global demand for oil grows The International Energy Agency (IEA) has published a very interesting study. So, in the next five years, global oil demand will grow about 1 million b/d every year. This means...
  • Tesla to build its fourth factory Elon Musk said that the company was planning to build the first plant in Europe. The German capital has been chosen for this purpose. It will be the fourth plant...
  • Facebook Pay is new payment system of famous social network The well-known company Facebook has announced the launch of its own electronic payment system Facebook Pay. Through the company’s official blog, we have found out that the service will operate...
  • Amazon to open a new supermarket chain in the States Amazon, the largest US online retailer, already owns several supermarket chains. The first of them called Whole Foods was purchased in 2017 and cost $ 13.7 billion. The chain specializes...
  • Energy Market News Today, at 8 a.m. Moscow time, Brent crude futures rose $ 0.14 (or 0.23%) – to $ 62.32 per barrel. We recall that yesterday the asset price lost 0.53% ($...
Brent loses its value due to worries about economic slowdown
March 25
09:00 2019

We start the week with the news from the energy world. The oil market continues to decline at the beginning of the week due to the negative sentiment about the drop in the overall economic growth.

Brent contracts for May have slipped 40 cents to $ 66.35 per barrel. WTI contracts for May have fallen 45 cents to the value of 58.59 US dollars.

Last week, the cost of Brent was down 0.2%, while WTI rose 0.4%.

According to Caroline Bain, Senior Commodities Economist at Capital Economics, the market will maintain its approximate balance until June. It won’t be possible to reach a complete balance, and in the middle of the year Brent will reduce the price to $ 60 due to the concerns about a slowdown in the global economy.

The number of active drilling rigs (as Baker Hughes reported) has been decreasing for the fifth week in a row. There is a decrease of 9 units. Now 824 drilling rigs operate in the US. Such statistics indicate a possible drop of activity in the industry.

CEO at InfraCap Jay D. Hatfield believes that the price of WTI in the next couple of weeks will be kept at the level of 55-60 US dollars. In the summer, the price of the US crude may rise to US $ 60-70 due to the increased demand for fuel.

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

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment