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Energy market news
September 27
09:00 2019

Today, the oil market is experiencing the decline in oil prices. The news from Saudi Arabia caused this fall. The fact is that the authorities have managed to restore the production suffered from the unfortunate attack of drones much faster than it was expected. The authoritative Bloomberg agency predicts that the current week can become the record holder for the largest drop in the last 10-12 weeks.

At 8:00 a.m. Moscow time, the November futures for Brent crude oil (traded on the ICE Futures) cost $ 62.19 per barrel. Thus, compared with the closing level of the previous session, the decline has amounted to $ 0.55 or 0.88%.

 At NYMEX, the price of WTI futures for November was being adjusted by 0.55% or $ 0.31 to $ 56.1 per barrel of “black gold”.

The state-owned company Saudi Aramco has reported on the restoration of the Khurais and the Abqaiq facilities to pre-attack levels (1.3 and 4.9 mln bpd). At the moment, the level of oil production in Saudi Arabia is estimated at 8 million barrels per day.

Analysts fear that in the coming days there will be a correction of quotes due to increased tension in the region.

Yesterday, official Washington said it was going to send about two hundred military personnel, a missile battery and special radars to Saudi Arabia.

 

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

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