Today, oil quotes are confidently gaining ground after yesterday’s fall.
For example, half an hour ago, Brent oil futures were trading at around $ 26.06. This is 4.74% or $ 1.18 higher than the closing price of the previous session. We recall that during yesterday’s session, the asset lost 14.7% the price reached $ 24.52 per barrel. The last time the market observed such figures 17 years ago.
The American WTI crude oil is gaining strength too. By that time, the asset was trading at $ 22.67, so the increase amounted to $ 2.3 (11.29%). We recall that yesterday the crude oil showed an 18-year low.
What triggered yesterday’s fall? The fact is that the Saudi authorities gave clear directives to the state oil company Saudi Aramco. The company‘s management was told to keep the export of black gold at around 12.3 million barrels per day. So, the Saudis accompanied the sharp increase in the supply with serious discounts for European and Asian clients.
The US Department of Energy has released statistics on oil reserves in the country. It became known that in just a week storage had increased by 1.954 million barrels. Gasoline inventories, on the contrary, have decreased by 6.18 million barrels, distillates by 2.94 million barrels.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group