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Oil declines, but holds near its high in a month

Prices for benchmark crude oil declined during trading during the day on the background of profit-taking, but remain close to the maximum level since mid-March, to which they jumped the day before. The cost of June futures for Brent oil on the London stock exchange ICE Futures by 14:28 Moscow time was $ 66.49 per barrel, which is $ 0.09 (0.14%) lower than the price at the close of the previous session. The price of futures for WTI crude oil for May in electronic trading on the New York Mercantile Exchange (NYMEX) by that time was $ 62.99 per barrel, which is $ 0.16 (0.25%) below the level at the close of the previous session. Both contracts closed on Wednesday at their highest level since March 17, MarketWatch notes. The market was supported by the forecast for oil demand from the International Energy Agency (IEA), as well as data on stocks in the United States. The IEA on Wednesday raised its forecast for global oil demand in 2021 by 230 thousand 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 reduction in US oil reserves by 2.9 million barrels. US oil inventories are now 10% below the level at which they were exactly a year ago, said Peter McNally, an analyst at Third Bridge. “We are seeing this situation shortly before the summer travel season, which starts in the US next month,” he told MarketWatch. “Official weekly US oil market statistics released yesterday show signs of a strong recovery in various directions,” said Julius Baer analyst Norbert Rücker. … According to Julius Baer’s forecast, oil prices by the middle of this year may exceed $ 70 per barrel. However, Rucker noted that “today the supply of oil is not limited structurally, but artificially and politically.” “As a consequence, the recovery in the oil market will be cyclical and will likely peak by mid-year.” Source: FINMARKET.RU

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