Wednesday , July 28 2021

Oil becomes cheaper, WTI falls below $ 62 per barrel

"Black Gold" reference prices in today's trading in Asia declined following the release of industry data on the next increase in US fuel inventories.

Until 8:20 am in Moscow, January's Brent oil futures fell at London's ICE Futures Stock Exchange for $ 0.13 to $ 72 per barrel. The New York Mercantile Exchange (NYMEX) electronic trading account for December December WTI dropped by $ 0.32 to $ 61.89 per barrel, Interfax reported.

WTI is cheaper for eight consecutive sessions, which is the longest period of price cuts since 2014. Market participants expect not to be shortages of stocks due to rising oil production in the United States, and several exemptions from Iranian sanctions, allowing Tehran to continue manufacturing and exporting oil.

As Anna Bodrova, Senior Analyst Company Alpari, recalls: "The Energy Information Administration (EIA) of the US Energy Ministry faces the previous reduction in the average oil price forecast in 2018 to $ 73.12 for Brenta's $ 74.43 barrel earlier . " "2019, in turn, the EIA expects the average price for Brenta to be around $ 71.92, but it is also interesting: the ministry has raised expectations for producing" black gold "this year for 160,000 barrels a day, 2019. year – for 300 thousand barrels a day, "says expert.

According to her, "The latest statistics on black gold reserves published by the American Petroleum Institute showed a growth of 7.8 million barrels." "This is well above the 2.4 million barrel average forecast, while gasoline stocks fell by 1.2 million barrels, while distillate stocks fell by 3.6 million barrels. published, but most likely its content will be similar, "suggests Brewery.

According to her, "Brent's technical image in oil leaves has the opportunity to reach $ 70.50, whereby the road will open up to $ 65 per barrel," and "Brenta's current price will hold for $ 71.50-72 15".

Source link