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Small growth of oil prices

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Small growth of oil prices
December 03
09:00 2019

Energy prices started the day with an increase. This happened due to the information that the production in the OPEC countries had decreased by about 110 thousand barrels per day.

February contracts for European Brent crude oil (at 8 am Moscow time) are trading at $ 61.04. This is $ 0.12 or 0.2% higher than they cost yesterday. We recall that the day before the asset went up to $ 60.92, i.e. the intraday growth amounted to 0.71% or $ 0.43.

By the same time, futures for WTI crude oil also showed an increase of $ 0.2 (or 0.36%). One barrel of “black gold” is currently valued at $ 56.16. During the previous trading session, WTI crude oil grew to 55.96 US dollars. The increase was equal to 0.79 US dollars or 1.43%.

 The information that the OPEC+ countries have agreed to continue to reduce production became “bullish” for the energy market.

Experts agree that in the US, oil reserves are declining. Analysts suggest that stocks in the United States have decreased by 1.5 million barrels. Is it so, we will find out on Wednesday after the publication of official statistics.

 

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

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