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Oil is getting cheaper after the rise by 4%

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Oil is getting cheaper after the rise by 4%
October 14
09:00 2019

The analysts will remember the past week because of the two events – the incident with the Iranian tanker and the thaw in relations between the two world superpowers. These bullish factors have increased the energy market by almost 4% over the week.

The States and China have managed to find a common language in the negotiation process and entered into an interim agreement. It became known that the United States will not impose new duties on Chinese goods. Official Beijing, in turn, guaranteed purchasing overseas agricultural products totaling at least $ 40 billion. The concessions of the superpowers towards each other have supported the market, but have not changed the global trend. In general, the market does not expect a large-scale increase in oil demand, since the previously imposed duties have not disappeared.

By the way, the increase associated with the attack on the Iranian tanker has an obvious short-term effect.

At the moment, analysts are observing a logical correction of oil assets. At 8:20 Moscow time, Brent crude oil (or rather, December futures) lost 0.5% ($ 0.3) to $ 60.21 per barrel of “black gold”. We recall that on Friday, Brent rose 2.39% or 1.41 US dollars.

November futures for American crude oil WTI have showed a very significant correction of 0.55% (or 0.3 US dollars). The asset is currently trading at a price of $ 54.4.

Last week, Brent increased 3.7%, WTI – 3.6%.

 

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

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