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The past week began with weak multidirectional dynamics due to an increase in cases of coronavirus infection as well as due to growing tensions between the United States and Russia.

The price of October futures for the North Sea oil mixture of Brent crude fell by 0.05% to $ 43.76 per barrel. September futures for WTI crude oil rose in price by 0.02% - up to $ 41.3 per barrel. Despite a slight increase in oil demand investors were showing interest in defensive assets. ING analysts, quoted by Reuters, believe that market participants seem to be nervous about taking a position at the market as large uncertainty still darkens the outlook when it comes to demand.

On Tuesday a forecast from the US Department of Energy was released that the price of oil will rise to about $ 50 a barrel by the second half of 2021. This trend lays the foundation for a very lasting economic recovery, said the head of the department Dan Bruyette.

On Wednesday there were data on commercial oil reserves in the United States according to which for the week ended July 24 they fell by 10.6 million barrels or 2%, and amounted to 526 million barrels. Analysts polled by Reuters expected stocks to rise by 0.4 million barrels to 537 million barrels. This sharp decline in oil inventories followed an unexpected rise in the index last week when inventories increased by 0.9%. In early June US oil reserves renewed their historical record rising to 538.1 million barrels, then their growth continued for another two weeks. The maximum was reached on June 24, when stocks rose to 540.7 million barrels. Since then, they decreased by 2.7%.

The strategic oil reserve in the country did not change compared with the previous week, remaining at 656.1 million barrels, the ministry also said. At the same time, oil production in the United States for the week ended July 24 remained at the level of the previous week at 11.1 million barrels per day, the review says. On average over the past four weeks, oil production in the United States amounted to 11.05 million barrels per day.

The week ended with rather pessimistic forecasts by a number of OPEC experts that demand for oil may never recover. As a source close to OPEC told Reuters, all market participants admit a scenario in which energy consumption will not return to its previous level. In line with forecasts, oil demand will peak and then begin to decline. This year real oil consumption turned out to be 10 million barrels lower than projected. The forecast for 2030 decreased from 118 to 108.3 million barrels. Experts believe that the crisis could end the oil era.

Company news

01.06.2020 Stop of registration for residents of the Russian Federation Read more ...
16.04.2020 Switching to floating spreads Read more ...
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10.04.2020 Changes in trading conditions for CFD-instruments for US securities Read more ...
10.04.2020 Temporary closing of trading on a number of instruments Read more ...
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Expert view

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