Unexpected reduction of oil prices at the end of the week

 Breaking News
  • Microsoft, Amazon and eBay are at record highs On Tuesday, securities of Microsoft Corp, Amazon.com Inc and eBay Inc broke records. The rush of investors’ demand for the shares of those companies involved in electronic commerce caused such...
  • Quarantine in Hong Kong is not for everyone Hong Kong is rescuing its stock exchange. In order to give life to the trading platform, the administration of the metropolis has shown flexibility concerning quarantine measures. So, Christopher Hui...
  • Economy of Japan demonstrates recession In the first quarter of this year, the economy of the Land of the Rising Sun dropped by 0.6% in monthly terms. The figures are not optimistic but are better...
  • Energy market news On Saturday, representatives of the countries included in the OPEC+ cartel managed to agree on the extension of the restrictions on oil production. It also became known that those countries...
  • Bentley fires employees in order to prevent losses in 2020 The Bentley brand has long been synonymous with luxury living. Unfortunately, the British automaker has to save because of a forced two-month break. The company’s CEO Adrian Hallmark said to...
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

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment