Now comes the news that drones have attacked the Saudi oil and gas field. That is why, the market is growing and the week begins with a positive rise in quotations.
As of 8 a.m. Moscow time, Brent futures for October are trading at around $ 59.3 in London. This is almost 70 cents more than the closing level of the last session. We recall that on Friday, the price grew about 1%, closing at around 58.6 US dollars.
Contracts of the American WTI have risen 55.4 US dollars. When compared with past trading, the increase is 55 cents. It should be noted that on Friday there was a good movement on the market – the quotes increased 40 cents.
Over the weekend, Yemeni rebels attacked the oil and gas field and the plant Saudi Aramco. It was committed with the help of drones. As a result, a small fire started at the enterprise, which did not affect its capacities in any way.
Since April, oil prices have dropped by almost 20%. The trade conflict between the United States and China caused the fall. Investors are afraid of fuel surplus and, as a result, changes in the balance of supply and demand in the market. One-off attacks on tankers and production facilities in the Middle East support the price. However, the growth rate is limited as there still are concerns about declining global demand.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group