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Brent oil price renewed highs reaching $ 57.4

After a short pause at the beginning of the week, Brent crude resumed its rise in trading on Tuesday, and this morning has already managed to move the highs of February last year to $ 57.40 per barrel, setting the next target in the form of $ 58. Since the beginning of the day, quotes have already added about 1%. Bullish sentiment still prevails in the commodity segment – market participants stubbornly ignore the risks associated with an increase in the number of people infected with coronavirus and lockdowns that threaten the global economic recovery. Instead, traders focused on expectations of incentives, effective vaccinations and further reduction in black gold stocks, while industry statistics from the United States served as a fresh catalyst for price increases. The American Petroleum Institute reported a drop in crude oil inventories last week by almost 6 million barrels, which is double the forecast. The Ministry of Energy’s official report will be released this afternoon and the volume cuts are expected to be more modest. But the main risk factor in this context will be the production rate – if volumes increase, this may lead to a local correction in the market, this indicator poses a threat to the market on a wider horizon. Brent is heading towards the $ 60 mark, the achievement of which could push American shale producers to increase production, which could hit the market. In the short term, while maintaining interest in risk, prices can master new highs in February 2020.___________________ Arseniy Dadashev, Director, Academy of Finance and Investment Management

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