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The past week began with a steady growth in oil prices. By Monday evening growth slowed down, the price of November futures for North Sea oil mixture of Brent rose by 0.48% - up to $ 46.03 per barrel, October futures for WTI - by 0.47%, up to $ 43.17 per barrel.

During the day prices rose by more than 1%, thus reaching their highest levels since the beginning of March. Investors reacted positively to media reports that the Abu Dhabi National Oil Company (ADNOC) will cut shipments of each of its grades by 30% in October versus a 5% cut in the previous three months as part of an OPEC + production cut deal. The quotes were supported by data from China: the index of business activity (PMI) in the Chinese services sector in August rose to 55.2 points from 54.2 points a month earlier. The value for August was the highest since January 2018.

On Tuesday data came out that the UAE in August exceeded the oil production quota under the OPEC + agreement by 100 thousand barrels per day, which was caused by the increased energy consumption in the country. According to Energy Minister Suheil al-Mazroui, oil production in the UAE increased to 2.693 million b / d, while under the terms of the OPEC + agreement, the emirates' quota is 2.59 million b / d. The minister promised that in October the national company ADNOC would cut oil exports by 30% for all grades of oil produced.

Meanwhile, the head of the Ministry of Energy of the Russian Federation, Alexander Novak, expressed the opinion that the demand for oil has currently recovered by 90%, it can reach the pre-crisis level in the first or second half of 2021. According to him, the Russian-registered vaccine against coronavirus can have a positive effect on the dynamics of the recovery in oil demand and to prevent the second wave of the spread of COVID-2019. The IEA estimated in August that global oil demand will fall 8.1 million bpd this year to 91.9 million bpd.

Despite Novak's optimistic forecast, oil prices went down in the second half of the week. November futures for Brent fell 1.37% to $ 43.78 a barrel, while October WTI futures fell 1.34% to $ 41.01 a barrel. The oil market was assessing the prospects for the balance of supply and demand ahead of the season when US refineries are closed for scheduled maintenance. This could lead to an increase in raw material reserves, experts say. At the same time, over the past week, commercial oil reserves in the United States fell more than forecast. According to the country's Energy Ministry, commodity reserves fell by 9.4 million barrels, while analysts had predicted a decline of 1.9 million barrels.

Nevertheless, the oil market ended the week in positive territory. The price of November futures for North Sea oil mixture of Brent rose by 0.7% to $ 44.38 per barrel, October futures on WTI - by 0.87% to $ 41.73 per barrel. The growth began as part of the correction after two previous sessions.

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