The previous week started for the oil market with overcoming the important price point of $ 75 per barrel.

The cost of October futures for the North Sea oil Brent grew by 0.21% - to 74.92 dollars per barrel. The price of September futures for WTI rose 0.77% to 69.22 dollars per barrel.

After the fluctuations on Monday morning, oil prices moved to the green zone, including within the correction after significant decline on Friday because of the data on the increase in the number of drilling rigs in the US over the past week. According to the American oil and gas service company Baker Hughes, for the week till July 27 total number of oil drilling rigs in the country increased by three, to 861 units.

The reason for optimism for market participants was also the Friday data of the US Department of Commerce. According to the first estimate, real GDP growth in the US in the second quarter of 2018 accelerated to 4.1% in annual terms from 2.2% in the first quarter. This is the fastest growth rate since 2014. This indicator assumes a high demand for energy resources at the end of the year.

Nevertheless, by the middle of the week, bullish moods on the market were cooled by the data of the American Petroleum Institute (API) about the unexpected increase in oil reserves in the US over the past week. On Wednesday, the value of October futures for the North Sea oil Brent brand decreased by 0.24% - to 74.03 dollars per barrel. The price of September futures for WTI crude oil fell by 0.51%, to 68.41 dollars per barrel. According to the published data, for the week of July 28 commercial oil reserves in the US rose by 5.6 million barrels, or 1.4%, to 410.5 million barrels. At the same time, gasoline reserves fell by 791 thousand barrels, distillates - increased by 2.9 million barrels. Stocks of raw materials at the country's largest terminal in Cushing declined over the period by 930,000 barrels.

In addition to the growth in oil prices, the news from OPEC and especially from Saudi Arabia, exerted some pressure on oil quotes. Last month, oil production in the OPEC countries increased again, and Saudi Arabia rocked almost a record amount of oil. In July, oil production in the kingdom increased by 230,000 barrels per day to 10.65 million barrels per day. This is as close as possible to the historical record of 2016. Due to increased productivity in Saudi Arabia, Nigeria and Iraq, total oil production in the OPEC countries increased by 300,000 barrels per day. This completely compensated the decline in oil production in Venezuela, Libya and Iran. The total oil production of the Organization of Petroleum Exporting Countries (together with the new member, the Congo) was 32.6 million barrels per day.

The US oil market was also affected by the US-China trade war. Unipec - the trading subsidiary of the Chinese state oil and chemical corporation Sinopec - suspended purchases of crude oil from the US due to the growing tension in the trade situation between the countries. At the moment it is not clear how long the suspension of procurement will last, but according to one source, Unipec did not register new orders at least until October. Reuters notes that earlier Chinese oil buyers from the US already began to reduce purchases of American oil in order to avoid falling under new duties of Beijing. China included oil and petroleum products from the United States in the list of goods for which it plans to introduce a 25% import duty as a response to US duties. China did not specify when it plans to introduce these restrictions.

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