Today, oil quotes continue to grow. The expectation of the OPEC decision to reduce production caused the increase. All this neutralizes the “bearish” fears associated with the spread of coronavirus and a slowdown in global economic growth.
At 8 am Moscow time, contracts for European Brent crude oil (traded on the London Stock Exchange) remained virtually unchanged, rising only one cent. At the last session, they increased half a dollar, closing at $ 56.34.
At the same time, March contracts of the American WTI crude oil increased 5 cents and valued 51.47 US dollars per barrel. On Thursday, they grew by half a percent, closing at 51.42 US dollars.
Experts note that the market is still afraid of declining demand. Air transportation, for example, requires much less fuel due to Chinese pneumonia, because the population movement has declined markedly.
If the price continues to rise, oil may show the growth in the first week, starting in January. To date, has increased 3.5% over the week. WTI has grown by 2.3%.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group