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Oil continues to rise in price, Brent exceeded $ 67.3 per barrel



Black gold continues to rise in price amid growing optimism of traders regarding the prospects for energy demand. The market was supported by strong statistics on the US economy, published yesterday: the number of new applications for unemployment benefits in the United States fell to a minimum since the beginning of the pandemic, the pace of retail sales in March was the highest since May last year and significantly exceeded forecasts. Optimism about the outlook for demand remains a key component of oil market growth, said Schneider Electric analyst Robert Fraser. “The fast pace of vaccinations, as well as the declining fears of the pandemic, are giving the market a good boost for sustained growth,” said Phil Streible, oil strategist at Blue Line Futures. Earlier this week, the International Energy Agency (IEA) raised its forecast for global oil demand in 2021 by 230,000 bpd, citing an improved economic outlook. According to the IEA, oil demand in 2021 will reach 96.7 million b / d, which is 5.7 million b / d more than in 2020. The US Department of Energy, in turn, announced a decrease in oil reserves in the country last week by 5.89 million barrels. The decline in inventories was recorded for the third week in a row. Analysts at S&P Global Platts predicted a decrease in US oil reserves by 2.9 million barrels. The cost of June futures for Brent oil on the London stock exchange ICE Futures by 8:45 Moscow time on Friday is $ 67.37 per barrel, which is $ 0.43 (0.64%) higher than the price at the close of the previous session. As a result of trading on Thursday, these contracts rose by $ 0.36 (0.5%) – up to $ 66.94 per barrel. The price of futures for WTI crude oil for May in electronic trading of the New York Mercantile Exchange (NYMEX) by this time increased by $ 0.40 (0.63%) – up to $ 63.86 per barrel. The day before, the value of these contracts increased by $ 0.31 (0.5%) – up to $ 63.46 per barrel. Source: FINMARKET.RU

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