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Prices for benchmark crude decrease again

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Prices for benchmark crude decrease again
November 21
09:00 2019

Yesterday, the price for benchmark crude oil increased at the market. The fall was due to the fact that energy reserves in the United States had been significantly lower than the volumes predicted by analysts. Today, the price at the market has been adjusted.

Thus, at 8 a.m. Moscow time, the price of January futures for European Brent crude oil cost $ 62.2 per barrel. This is 0.32% ($ 0.2) below the closing price of yesterday’s session. On Wednesday, the value of this asset increased 2.45% and closed at around 62.4 US dollars per barrel.

Compared to yesterday’s session, futures for the American WTI crude oil have also decreased by $ 0.14 (0.25%). The price of the asset has amounted to $ 56.67 per barrel. Over the previous trading day, the asset went up by 3% and closed at around 57.01 US dollars per barrel.

Over the week, reserves of “black” gold in Cushing (stocks traded on NYMEX are stored there) have fallen by 2.3 million barrels. Oil production in the United States has remained at the same level as last week and amounted to a record total of 12.8 million barrels in daily terms.

At the moment, the expectation of signing an interim trade agreement between the States and China remains the main driver of the market. The situation was complicated by the fact that the American side had approved the Hong Kong Human Rights and Democracy Act. And although Donald Trump hasn’t signed the law yet, official Beijing has already called it an unambiguous interference in the internal affairs of China.

It is possible that documents on the interim trade agreement between the powers will be signed next year. Six weeks have passed since the document discussion, but the parties have not reached consensus yet.

 

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

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