Even though oil started the day with a drop in quotations, the week still ends in the black, as the price has been rising for the last three days.
The market received good support after the news of a sharp drop in inventory in the States. In addition, energy prices were affected by signals of a likely reduction in supplies. At the same time, concerns about the global decline in oil demand due to a slowdown in the global economy remain relevant.
At 8 a.m. Moscow time, December contracts for Brent crude oil (traded on the London Stock Exchange) cost $ 61.3 per barrel. This is half a dollar less than at the end of the previous session. On Thursday, quotes rose 0.8%, ending the session at around $ 61.7.
At the same time, on MYMEX, futures of the American brand WTI fell by 35 cents – to 55.9 US dollars. On Thursday, this asset increased almost half a percent, closing at a value of $ 56.2.
This week, Brent has gained 3.3%, WTI – 4%.
Last week, US oil reserves lost 1.7 million barrels. S&P experts predicted an increase of 4.7 million in stocks. A decrease in stocks has been recorded for the first time over six weeks.
According to experts, now the market is increasingly concerned about the oil shortage, but not about the lack of demand.
Statistics from Europe and America clearly show that economic growth is falling. Over the past month, the number of purchases of durable goods has decreased by 1.1% in the United States. This confirms that the business is investing less than it was before.
In Germany, there is a decrease in production activity. Last month, the indicator was below 50 points, showing a general decline in this field.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group