Today, benchmark crude oils show a weak trend; yesterday was not stressful for this market too.
The recent rally is gradually fading; most likely, OPEC+ actions aimed at restricting production will support the market until the end of the year.
At 8.15 Moscow time, oil futures of the European Brent fell slightly. They were trading at $ 66.15 per barrel. During yesterday’s session, the oil price grew by 0.11% (or $ 0.07), in late afternoon the asset cost $ 66.17 per barrel. MarketWatch has estimated that yesterday’s session revealed the fifth consecutive growth of Brent. Currently, it is trading at three-month highs.
WTI crude oil also shows a smooth decline. The asset is trading at $ 60.91 per barrel, losing $ 0.02 (0.03%). The previous session had practically no effect on the price of American oil. During the day, the asset lost one cent and closed the trading session at around 60.93 US dollars per barrel.
Dan Brouillette, U.S. Secretary of Energy, explained that the market had become less prone to fluctuations as the States had announced the advent of new drilling technologies. Thus, the United States has become finally established as a major global oil producer. Data from the US Department of Energy was published yesterday. It is said that national oil reserves have decreased by 1.085 million barrels per week, but gasoline and distillate reserves have increased (by 2.529 million and 1.509 million barrels, respectively).
Real numbers differ from the estimates by the experts, who expected a more serious decline in black gold reserves.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group