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Brent falls to $ 64.4 for a barrel

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Brent falls to $ 64.4 for a barrel
September 24
09:00 2019

Oil is expectedly falling in price after the news that Saudi Arabia continues to restore production capacity lost during the attacks.

At 8 a.m. Moscow time, November contracts for Brent crude oil (traded on the London Stock Exchange) dropped 35 cents to $ 64.4 per barrel. We recall that at previous trading, exactly the same futures increased half a dollar, closing at around $ 64.8.

At the same time, futures for WTI (traded on NYMEX) dropped 30 cents – to a value of $ 58.3. During the last session, they grew nearly a percent and ended the day at $ 58.6.

After the attack on 14 September, the main objects in Saudi Arabia have been almost completely restored and work as usual.

Analysts from the UFT Group believe that the market will now monitor the situation in Saudi Arabia and the overall situation in the Middle East. The data from Europe and, specifically a report on deteriorating indicators in the industry and services may also affect the oil price.

A report by the US Department of Energy will be made public tomorrow evening. It will publicize the changes in oil reserves over the past week. Experts interviewed by S&P believe that stocks have been reduced by about 190 thousand barrels. If this estimate is accurate, then the decline in stocks will be recorded for the fifth week in a row.

 

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

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