Unexpected reduction of oil prices at the end of the week

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Unexpected reduction of oil prices at the end of the week
January 10
09:00 2020

Energy quotes may end the week with a decline for the first time since November.

Increased tension between Iran and the States has a strong influence on the market. Analysts are trying to soberly evaluate the probability of supply disruptions due to difficulties in the Middle East.

At 8:25 (Moscow time) March futures for European crude oil are trading for $ 65.15 per barrel, which is $ 0.22 (0.34%) below the value of the previous session. During the previous trading, “black gold” lost $ 0.07 (0.11%) and ended the day at $ 65.37 per barrel.

 At the same time, WTI oil futures decreased by $ 0.2 or 0.34% on NYMEX. The asset is currently trading for $ 59.56; on the eve, it ended the day at $ 59.56 per barrel. Thus, yesterday’s intraday drop amounted $ 0.05 or 0.08%.

Both crude oils have shown a serious decline since the beginning of the week: Brent has lost 5%, while WTI – 6%.

Donald Trump said that there was a need for a new agreement between the United States and Iran. The deal would strengthen security in the region. The statement has slightly eased the nervousness of analysts who feared the outbreak of a new military conflict between the countries.

By the way, the United States House of Representatives has voted in favor of a resolution aimed at limitation of Trump’s authority over Iran. The document requires ceasing of military hostilities. It should be noted that the resolution adopted is not a law; it performs exclusively populist functions.

 

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

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