Brent falls to 64.5 USD

 Breaking News
  • Microsoft, Amazon and eBay are at record highs On Tuesday, securities of Microsoft Corp, Inc and eBay Inc broke records. The rush of investors’ demand for the shares of those companies involved in electronic commerce caused such...
  • Quarantine in Hong Kong is not for everyone Hong Kong is rescuing its stock exchange. In order to give life to the trading platform, the administration of the metropolis has shown flexibility concerning quarantine measures. So, Christopher Hui...
  • Economy of Japan demonstrates recession In the first quarter of this year, the economy of the Land of the Rising Sun dropped by 0.6% in monthly terms. The figures are not optimistic but are better...
  • Energy market news On Saturday, representatives of the countries included in the OPEC+ cartel managed to agree on the extension of the restrictions on oil production. It also became known that those countries...
  • Bentley fires employees in order to prevent losses in 2020 The Bentley brand has long been synonymous with luxury living. Unfortunately, the British automaker has to save because of a forced two-month break. The company’s CEO Adrian Hallmark said to...
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

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment