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The week began for the global oil market in negative territory over fears of an increase in COVID-19 cases.

The price of September futures for North Sea Brent crude oil mixture fell by 0.23% to $ 43.03 per barrel. August futures for WTI crude oil fell by 0.2% to $ 40.67 per barrel, September futures for WTI - by 0.22%, to $ 40.5 per barrel. According to Rystad Energy analyst Bjornar Tonhaugen, oil prices are unlikely to bring significant gains very soon until there is a signal that the pandemic is slowing down.

However, the next day oil quotes rose more than 3% and approached the highs since the beginning of March. The optimism of market participants was associated with the news about the development of a vaccine against COVID-19 and with the results of the European Union summit, which ended in Brussels. The European Commission offered to implement 500 billion euros from the fund as subsidies, 250 billion as loans. As a result, under pressure from the Netherlands, Denmark, Sweden and Austria the fund's configuration looks different: 390 billion euros - in subsidies, 360 billion - as loans. Analysts believe these measures should help improve the economic outlook and boost fuel demand.

On Wednesday oil prices went down again, the main reason was again the statistics on the coronavirus. The price of September futures for North Sea Brent crude oil mixture fell by 1.26% - to $ 43.76 per barrel, September futures for WTI fell 1.34% - to $ 41.36 per barrel.

On Thursday after the publication of data on the growth of reserves of raw materials in the United States, oil prices continued to decline. According to the Ministry of Energy US oil inventories rose by 4.9 million barrels over the past week, although analysts had expected a decline of 2.1 million barrels. Against this background, analysts at Barclays, quoted by Reuters, do not rule out a further drop in oil prices in the short term if the recovery in demand for raw materials slows down even more, especially in the US. The bank predicts that the average price of Brent crude in 2020 will be $ 41, and WTI - $ 37.

The week ended in the "red zone" fueled by rising tensions between the US and China and an increase in the number of cases of COVID-19. Brent crude fell 0.39% to $ 43.14 per barrel, while WTI dropped 0.49% to $ 40.87 per barrel.

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