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Brent stabilizes at the level of 60.7 USD

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Brent stabilizes at the level of 60.7 USD
September 05
09:00 2019

On Thursday, oil prices remain stable after their sharp growth on the eve.

The oil market has got positive news. First of all, there is news that the US has imposed sanctions against Iran. Moreover, it has become known that in September the Russian Federation intends to reduce national oil production to the level designated in the OPEC + agreement.

There is another positive piece of news. The States and China have managed to agree on the resumption of trade negotiations.

As of 8 a.m. Moscow time, Brent crude oil contracts for November delivery (traded on the London Stock Exchange) cost around $ 60.7 per barrel. This is only 2 cents less than the price of the last session. On Wednesday, the benchmark increased significantly, rising $ 2.4.

At the same time, futures contracts of the American brand WTI (traded on NYMEX) were at the level of $ 56.2. This is 0.1% less than they cost at the previous session. Then quotes increased more than 4% over the day and settled at a value of $ 26.25.

America and China will begin negotiations again, which will at least temporarily ease tensions as well as balance global oil demand. Despite the fact that this news has supported the market, experts believe that the parties will not be able to find a compromise on a large number of issues.

The market is currently awaiting a report on fuel reserves in America. It will be published by the Ministry of Energy a day later, since the country celebrated a holiday on Monday.

Analysts believe that over the week, oil reserves in the United States have lost 3 million barrels, gasoline- about 2 million, distillates – 120 thousand.

An API report says that oil stocks fell 400,000 barrels last week.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company
UFT Group

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