Brent falls to 64.5 USD

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Brent falls to 64.5 USD
September 18
13:00 2019

On Wednesday, oil continues to fall in price. There is a decline due to the promises of Saudi Arabia to maintain the same volume of supplies thanks to the reserves.

By 8 a.m. Moscow time, Brent crude oil contracts for November had lost a few cents. They cost $ 64.5 on the London Stock Exchange. We recall that at the last session the quotes sharply dropped, rolling back by almost $ 4.5 to the value of around $ 64.55.

On NYMEX, October futures of the American crude oil WTI fell 26 cents to the level of 59.08 US dollars. On Tuesday, their price also dropped significantly: about $ 3.5, to the level of $ 59.3 per barrel of “black gold”.

On Monday, oil significantly grew. A logical correction, which has been going on for the second day in a raw, began after the growth.

On Tuesday, the newly appointed Minister of Energy of Saudi Arabia announced that by the end of the month production in the country would amount to 11 million b/d. By the end of November, the country expects to increase production to 12 million bpd. The minister also said that all the consequences of the attack on the Saudi Aramco facilities had been eliminated, and deliveries were made in full.

What else affects a strong asset correction? After collecting data from the operators of refineries, storage facilities and pipelines, the American Petroleum Institute provided data on oil inventories in the States. From last week, they have increased almost 600 thousand barrels. At the same time, gasoline stocks have increased 1.6 million barrels, and distillates – 2 million.

Official statistics on these indicators will be made public on Wednesday evening.

Experts interviewed by S&P believe that oil reserves have fallen by 2 million barrels, and gasoline – by 800 thousand. Distillate reserves have increased 300 thousand barrels.

 

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

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