On Friday, oil is gradually losing ground after a big increase the day before. For this week, benchmarks have lost in price. Brent has fallen more than 7%, WTI – 5%.
As of 8 a.m. Moscow time, Brent contracts for October fell to 57.3 US dollars on the London Stock Exchange. Compared with Thursday, the movement was not strong (about 10 cents). However, the price grew very actively, increasing more than a dollar over the day. Thus, the session closed at around 57.4 US dollars.
At the same time, WTI futures for September dropped to $ 52.5 per barrel on NYMEX. On Thursday, contracts strongly grew, increasing nearly $ 1.5.
The market received support after the news that Saudi Arabia was consulting with the OPEC representatives regarding the market situation, namely about the drop in oil prices.
Experts note that the behavior of Saudi Arabia is fully justified and expected. They won’t accept the price of $ 55 per barrel. Thus, it is understandable that they will try to influence the quotes. However, the method of influencing the market is not yet clear. Perhaps there will be statements to the press, or maybe official cooperation with the OPEC. It should be noted that the desire of Saudi Arabia and other members of the cartel to raise prices supports the market.
On a stock exchange in Shanghai, the value of contracts in the coming month has dropped to 419 yuan.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group