Futures for Brent crude with delivery in June on Monday morning rose in price to 70.65 dollars per barrel.
This writes UNN referring to the data Bloomberg.
According to the publication as of 8:09, the cost of futures for Brent crude oil rose by 0.44%.
The price of May futures for WTI crude oil rose to 63.38 dollars per barrel, adding 0.48%.
After serious doubts, the traders finally decided to raise the price of Brent oil above $ 70 per barrel, which allowed Saudi Arabia to achieve its first goal for global oil prices for this year.
A positive period for the increase in oil prices, which led to their phenomenal growth of 33% in the first quarter (significant quarterly growth over the past 10 years) continued last Monday after a positive report from OPEC and data on business growth in China’s manufacturing sector.
In March, oil production by 14 OPEC countries fell for the fourth month in a row, dropping by 295 thousand barrels per day to 30,385,000 barrels. According to Bloomberg survey of officials and analysts, as well as information about the movement of tankers, Saudi Arabia has reduced oil production to a minimum of four years – 9,280,000 barrels per day.
The rise in oil prices did not stop even after the American Petroleum Institute (API) on Tuesday published its weekly report on the level of supply and demand in the oil market, which provided for an increase in US oil reserves.
However, a report by the US Department of Energy’s Energy Information Administration (EIA) published on Wednesday confirmed that US crude oil inventories rose by 7,200,000 barrels in the week that ended March 29. The official report on the second week of the growth of oil reserves in the United States, after their increase by 2,800,000 over the previous week, instantly knocked the oil “bulls” off their course. Although the bulk of the growth in oil reserves was related to the problems of shipping oil through the shipping channel of Houston, but the report caused a question about the demand for oil.
However, on Thursday Brent oil prices exceeded the level of $ 70 per barrel for the first time in almost five months and reached $ 70.47 per barrel before dropping to the end of the week. On Friday, prices for American WTI oil reached $ 63.34 per barrel – the maximum since November last year. Oil prices were supported by a good report on US employment in March and optimism about the possible signing of a trade agreement between the US and China. Markets did not respond to the fact that over the past week, American oil producers increased the number of existing drilling rigs by 15. This was the first increase in this indicator in seven weeks.
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