Yesterday, there was a drop in oil prices at the market. They fell after the publication that the US reserves of “black gold” had grown. The news that the oil infrastructure of Saudi Arabia, which had suffered from drones attacks, was almost completely restored also made the prices fall. Today, the asset is gradually stabilizing. The statement of the American president that a trade truce with China is real has supported the market. Moreover, it can be made much earlier than everyone thinks.
At 8:15 a.m. Moscow time, Brent crude oil (or rather, futures for November) was trading at a price of $ 62.36. Yesterday, this asset lost 1.13% over a day, dropping to the level of 62.39 US dollars per barrel.
At the same time, November futures of WTI (traded on NYMEX) decreased to 56.48 dollars per barrel. We recall that yesterday the American crude oil lost 1.4% (or $ 0.8).
Analysts agree that negative news influenced the market at the beginning of the week. Now the pressure on the quotes is minimizing as the tension in the trade confrontation between the two superpowers is easing.
Yesterday, Bloomberg reported that Saudi Aramco was working frenetically on rehabilitation of infrastructure and was about a week ahead of the schedule. At the moment, Saudi Arabia produces oil in the amount of 11.3 million b / d, while the target production level (12 million b / d) will be achieved in about a month.
The US Department of Energy has announced an increase in national commodity stocks of “black gold” by 2.41 million barrels. This is radically different from the forecasts. We recall that analysts agreed that the volume of reserves would not increase, but decrease by 190 thousand barrels.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group