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WTI showed record monthly growth since January

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WTI showed record monthly growth since January
June 28
09:00 2019

Today, the oil market shows a slight decline. Despite this, crude oils finish the month in the black. For the US crude oil WTI, the growth may be the most solid since January. This can happen due to the development of the conflict in the Middle East and the reduction of stocks in the States.

Contracts for Brent crude oil for August are currently being traded at $ 66.3. The price has fallen by almost 30 cents compared with the previous session. Then it rose slightly, closing at 66.55 US dollars.

On NYMEX, the August futures for the American brand have reduced their price to the level of 59.16 US dollars. This is almost half a percent less than yesterday. Then WTI closed at $ 59.4, rising just by 5 cents over the day.

The growth of Brent since early June has amounted only to 3%. At the same time, WTI showed a rise of 11%.

The data from the Ministry of Energy have positively influenced the oil market. We recall that the news about the decline in US fuel stocks by 12.8 million barrels is no longer a secret for the market. This is the biggest reduction since autumn 2016. In addition to the reduction of reserves, production has decreased too. It has fallen by 100 thousand b / d and amounts to12.1 million b / d.

Also, the developing conflict between the USA and Iran has supported the prices. First, oil tankers were attacked in the Strait of Hormuz. America blamed Tehran for this, but no evidence was provided. Then Iranian air defense blew American drones out of the sky. The US claims that the UAVs were in the neutral zone. Iran, on the contrary, says that the drones violated its airspace.

In the coming days, there will be two large meetings that could affect the future movement of the oil market.

First of all, this is about the G-20 summit, at which the leaders of the United States and China will meet. There’s hope that the countries will return to the negotiating table.

Secondly, on July 1 and 2, OPEC ministers as well as the countries that are not members of the cartel will hold a meeting. In Vienna, they will discuss the issues regarding the extension of the agreement to reduce production.

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