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Oil prices set anti-records

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Oil prices set anti-records
February 26
13:00 2020

Today’s trading session has not become positive for the energy market. Over the previous two sessions, oil quotes have collapsed by more than 6%; the decline continues today.

At 12.30 pm, Moscow time,  April futures for WTI crude oil (traded on NYMEX) fell by $ 0.79 and were trading at $ 49.11. During today’s session, the asset has fallen even more than in December 2018.

At the same time, the price of Brent oil futures amounted to 54.03 US dollars per barrel, which is 0.92 US dollars (1.67%) less than the price the day before.

At the moment, about 81 thousand patients with coronavirus have been recorded in the world. But not only has this fact provoked a “bearish” trend in the market. The fact is that yesterday the American Petroleum Institute (API) published the data on the reserves of black gold in the States. So, over the week, oil reserves have increased 1.3 million barrels, gasoline – 74 thousand barrels. Today the official statistics on stocks from the US Department of Energy will be released. Experts believe that over the week, national oil reserves have grown by 2.8 million barrels.

 

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

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