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At the beginning of the week oil quotes began to grow steadily.

Brent crude oil was traded at $ 41.3 per barrel (+ 0.9%). At the same time the price of WTI crude oil was at around $ 39.05 per barrel, which is 1% higher than the close of previous trading. Also on Monday the information appeared that Chinese oil refineries have begun negotiations on joint oil purchases. Bloomberg reported that if they are successfully completed the largest buyer of raw materials will appear in the world which will be able to influence its value. The future group will include China Petroleum & Chemical Corp. (Sinopec), Sinochem, PetroChina, and China National Offshore Oil Corporation (CNOOC). Regulators have already approved the union, which collectively buys five million barrels of oil per day. According to Bloomberg, the creation of such an alliance will allow companies to avoid price wars. First, they want to file joint bids for some varieties of Russian and African oil at the spot market.

Meanwhile, Shell, one of the world's largest oil companies, said it would write off the assets worth up to $ 22 billion in the second quarter. Huge losses are due to the revision of raw material prices. This is stated in the report of the energy giant. The company's specialists predict that Brent crude oil prices will be at $ 35 per barrel this year and $ 40 next year. In 2022 and 2023, they will reach $ 50 and $ 60 per barrel, respectively. The company's sales of petroleum products will decline to 3.5-4.5 million barrels per day in the second quarter, a year earlier this figure was 6.6 million.

In the middle of the week, continued growth in oil quotes was facilitated by data on a decrease in US oil reserves by 7.2 million barrels from the Energy Information Administration (EIA) of the Ministry of Energy of the country. August futures for WTI crude oil on the NYMEX closed with an increase of 1.4%, at 39.82 dollars per barrel. Quotes approached the maximum since early March amid recovery in demand for fuel and a decrease in production by OPEC and its allies, including Russia. September Brent crude futures for ICE in London closed with an increase of 1.8%, at 42.03 dollars per barrel.

On Thursday oil prices continued to rise, despite information on the spread of coronavirus, which put pressure on the dynamics of quotations. The price of September futures for North Sea Brent crude oil rose by 0.21% to 42.12 dollars per barrel. August futures for WTI crude oil rose 0.13% to $ 39.87 per barrel.

The week ended with a decline on Friday night due to negative news about an increase in coronavirus infections. The price of September futures for North Sea Brent crude oil dropped 0.81% to $ 42.79 per barrel. August futures for WTI crude oil fell 1.01% to $ 40.24 per barrel. At the same time, on the eve of a strong statistics on unemployment in the United States. Thus, in June the indicator fell to 11.1%, and the number of jobs in non-agricultural sectors of the economy grew by a record 4.8 million, surpassing analysts' forecasts.

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