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Oil drops because of bad news from China

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Oil drops because of bad news from China
November 07
09:00 2019

The market opening was marked by lower energy prices. Quotes are falling due to the data publication on the increase in inventories of the United States. The news that the conclusion of a trade agreement between China and the States was extended became another bearish factor.

At 8 a.m. Moscow time, January futures of the Brent crude oil fell 0.13% ($ 0.08) – to $ 61.66 per barrel. Yesterday, the volatile asset lost almost 2% in value, dropping to $ 61.74 per barrel.

At NYMEX, WTI crude oil futures also lost their value, falling 0.11% – to $ 56.29 per barrel. At the previous trading session, WTI lost $ 0.88 (1.54%) and ended the day at $ 56.35 per barrel.

The OPEC+ meeting is scheduled for December 5-6. Most likely, cartel members will not insist on even greater reductions in oil production to stimulate the market.
Thanks to the report by the U.S. Ministry of Energy, we have found out that over the past week oil reserves in the country have increased 7.9 million barrels. It should be noted that stocks of gasoline and distillates have decreased. The numbers predicted by analysts differ greatly from the reality. Experts believed that reserves would grow 2.7 million barrels.

 

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

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