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Oil quotes at the beginning of last week went up sharply.

The cost of futures for Brent crude oil for delivery in August 2020 at the ICE exchange in London increased by 2.2% to close the previous session and reached $ 43.1 per barrel. The last time the cost of oil of this grade was above $ 43 per barrel on June 8 this year. At the same time, the price of WTI crude oil rose by 2.3% to $ 40.75 per barrel.

The next day the growth continued, the main reason was optimism about trade relations between China and the United States, as well as the prospects for a decrease in production under OPEC +. The price of August futures for North Sea Brent crude oil rose by 0.42%, to $ 43.26 per barrel, August futures for WTI crude oil - by 0.27%, to $ 40.84 per barrel. The reason for the optimism of market participants was the tweet of Donald trump that the agreement with China is “in complete safety”. The commentary followed the statements made by trade adviser Peter Navarro about the possible termination of the US-China agreement due to US assumptions about the artificial origin of coonavirus.

On Wednesday oil quotes went down by more than 1% after the publication of statistics from the American Petroleum Institute (API) on oil reserves in the United States, which increased significantly. According to the published data, US oil stocks rose 1.8 million barrels last week, while analysts expected an increase of 0.3 million. An additional pressure on the market was provided by the fear of a second wave of COVID-19 infections, which could lead to new economic difficulties and a drop in oil demand. In addition, many investors decided to take profits after the rally the day before.

Thursday was a day of mixed dynamics. In the morning the market was in the “red zone” but by the evening the situation improved. The price of August futures for North Sea Brent crude oil rose by 0.97%, to $ 40.7 per barrel. August futures for WTI crude oil also rose 0.97%, to 38.38 dollars per barrel. The reason for the correction was the hope for support of the global economy from the authorities of the largest countries in the world.

The week ended with negative dynamics due to the rapid increase in the number of patients with coronavirus in the United States. Global statistics also demonstrated the increase in infections. According to experts at MarketWatch analytic agency, this points to long-term obstacles against recovering oil demand. Analyzing the situation in the United States, many experts expressed the opinion about the possible introduction of a lockdown in some states. By evening, August Brent futures were traded on the London ICE Futures exchange at $ 40.46 per barrel, $ 0.59 (1.44%) lower than the closing price of the previous session. August WTI futures by this time were cheaper on the NYMEX exchange at $ 0.81 (2.09%), up to $ 37.91 per barrel.

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