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The general optimistic sentiment at the market was the reason for the growth of oil quotations at the beginning of last week.

The price of October futures for North Sea Brent crude oil mixture grew by 1.63% to $ 44.23 per barrel. September futures for WTI crude oil rose in price by 2.11% - to $ 41.12 per barrel. The positive sentiment of market participants outweighed constant fears about the spread of coronavirus infection. Analysts expressed the opinion that the growth of economic activity will lead to an increase in demand and support the market.

However, on Tuesday oil prices fell back to their previous level and lost the accumulated positive dynamics. The price of October futures for the North Sea oil mixture of Brent crude fell by 1.54% to $ 43.47 per barrel. September futures for WTI crude oil also fell 1.54% to $ 40.38 per barrel.

The next day the market took off again, and the cost of the October Brent futures reached $ 45.58 per barrel. Thus, the North Sea oil practically won back the losses after March 6, which occurred against the background of the market fall due to the collapse of the OPEC + deal. WTI crude oil at the New York Mercantile Exchange (NYMEX), in turn, showed an increase to $ 42.75. That is how much a barrel of oil costs this mixture for delivery in September. The president of the finance company Nations Shares Scott Nations linked the rise in its price earlier on Wednesday to the explosion in Beirut on August 4. He admitted that the tragedy could lead to interruptions in the supply of this type of fuel.

The end of the week was remembered for the symbolic news from Venezuela, where the last drilling rig was stopped. American corporation Chevron suspended its activities in Venezuela due to US sanctions. And its contractor Nabors Industries stopped drilling. “The departure of a major customer has resulted in a halt in our operations,” explained Tony Petrello, President and CEO of Nabors. This has set Venezuela back more than a century in terms of rig count, Russ Dallen, founder of investment bank Caracas Capital, told the Houston Chronicle. The first oil well was drilled in the country in 1914.

Nevertheless, the Venezuelan authorities want to resume the implementation of the Petrocaribe project. According to the Minister of Oil Industry of the Republic Tarek al-Aissami, within its framework, preferential oil supplies to the countries of the Caribbean and Central America were earlier made.

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