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Raw material imports to China keep the market above $ 60 a barrel

Stock Markets Group – The price of oil has shown significant gains during the week, thanks to an upward revision of the forecast for global oil demand by the International Energy Agency and OPEC, as well as data indicating a more significant-than-expected drop in US crude oil inventories last week … Data on the growth of oil imports to China also supported the course ahead of the weekend. However, quotes could not avoid falling closer to the close of trading. The price of WTI crude oil fell by $ 0.33, or 0.5%, to $ 63.10 per barrel by the end of the day. Brent crude in US trading dropped about 0.24% to $ 66.75 a barrel, while a Baker Hughes report released yesterday showed that US energy companies are increasing the number of rigs for oil and natural gas production for the fifth consecutive week, for the first time since February. According to the company, the number of rigs for oil production increased to 344, and natural gas to 94.Despite the risks associated with the coronavirus pandemic in the world and the growing restrictions in many countries, the oil market remains stable. In part, according to analysts at Stock Markets Group, this is due to good indicators of oil imports to China and a gradual increase in demand for petroleum products in the United States. Nevertheless, it is too early to talk about a complete recovery of the uptrend. As long as the Brent price remains below $ 70 per barrel, there is a risk of its decline towards the level of $ 55- $ 50 per barrel ._______________ Igor Gross, Analyst of Commodities Markets, Stock Markets Group

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